Bitcoin

Bitcoin Profit Will Fund Construction of 20 “Bitcoin Schools” in El Salvador

Bitcoin Profit Will Fund Construction of 20 “Bitcoin Schools” in El Salvador

Photo: Clean Bowled

Bitcoin profits will fund the construction of 20 new "Bitcoin" schools in El Salvador. This was announced by the country's President Nayyib Bukele during the groundbreaking ceremony for the first state veterinary hospital, which is also being built on the profits generated by Bitcoin.

El Salvador's President Nayyib Bukele announced that the country will build 20 new schools using the profits generated by Bitcoin. The funds come from the surplus of the Salvadoran Trust for the Adoption of Bitcoin. Bitcoin is now trading at record highs, holding above $60,000.

The announcement came immediately after President Bukele carried out the symbolic act of laying the foundation stone for the first public veterinary hospital in El Salvador. This initiative has also become a reality thanks to the country's success in investing in Bitcoin.

“I would like to announce that with a few million left over from the profits of Bitcoin, we will build 20 fully equipped and modern Bitcoin schools,” said President Bukele. The construction of the 20 new “Bitcoin” schools are in addition to the 400 schools from the My New School Program, local sources report.

The announcement came less than two months after El Salvador became the first country in the world to officially recognize Bitcoin as a legal form of payment by passing the Bitcoin Act. El Salvador's last purchase of 420 Bitcoins increased its national stack to 1,120 BTC, which equates to over $70 million at the time of writing.

© 2021, Eva Fox | Tesmanian. All rights reserved.

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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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