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El Salvador to use more Bitcoin profit to build schools

Bukele El Salvador

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.

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.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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