NEW: FREE Web3 Resume Cheat Sheet DOWNLOAD NOW

El Salvador to use more Bitcoin profit to build schools

126224
Bukele El Salvador

In this post:

TL;DR Breakdown

  • El Salvador set to use more BTC profit to build schools.
  • Ground laying for vetinary clinic begins in the country.
  • Crypto community looking at  which country would adopt crypto next.

El Salvador President Nayib Bukele has said on his verified Twitter account that the country would use its Bitcoin profits to build 20 new schools.

The school project would be funded from the surplus of the Salvadoran Trust for the Adoption of Bitcoin, which is currently enjoying all-time highs at around $63,000 price mark.

Bukele announced the school project after laying the first stone of the first public veterinary hospital in El Salvador built from the profit the country made on Bitcoin.

The president, during the ceremony, said the veterinary clinic would allow El Salvador to carry out 384 daily consultations, attend 128 daily emergencies, perform 64 daily dog and cat surgeries, 64 hairdressing appointments, 128 rehabilitations, and 32 X-rays. The hospital would also employ 300 Salvadorans.

He emphasized that without El Salvador’s investment in Bitcoin, the veterinary hospital and the forthcoming school construction and repair would be impossible. He taunted opposition in the country that floored him for his bold national Bitcoin adoption strategy.

See also  White House Crypto Czar David Sacks holds "disappointing" first press conference

The construction of the 20 new “Bitcoin” schools are in addition to the 400 schools from the My New School Program, local sources report.

El Salvador now holds 1120 BTC

The country recently bought 420 Bitcoin bringing its national stack to 1120 at over $70 million at press time. On 28 October, President Bukele confirmed via Twitter that the Latin American nation bought the “Bitcoin price dip,” exchanging dollars for Bitcoin at a time he believed it remains undervalued by the global market.

Simultaneously, El Salvador is drawing from its Bitcoin profit to fund certain white elephant projects in the country. The development has made Bitcoiners eager to see what country will be next to adopt Bitcoin as nations are forced to compete or be left behind. Countries are debating their prospects already. However, El Salvador remains the only country publicly holding Bitcoin in reserve and has made crypto its primary currency.

Cryptopolitan Academy: Are You Making These Web3 Resume Mistakes? - Find Out Here

Share link:

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Editor's choice

Loading Editor's Choice articles...
Subscribe to CryptoPolitan