El Salvador Builds 20 ‘Bitcoin Schools’ Using Bitcoin Trust Surplus

The government of El Salvador is embarking on its next Bitcoin-related project. Schools are built with the profits the country has made from the assets. For this, the government of El Salvador will use the “surplus” of its Bitcoin Trust account. This account currently holds 1,120 Bitcoin (BTC). At current prices of $63,000, this is worth about $70.5 million.

Construction of 20 new schools

The profits or ‘surplus’ from the state’s Bitcoin Trust account will be used to build 20 new schools. This tweeted President Nayib Bukele. The tweet stated the following:

When this project was started, we didn’t make as much money in ‘FideBitcoin’ as we have made now. That’s why we decided to create the first 20 Bitcoin schools

Bukele’s spokesperson also stated that the profits from previous Bitcoin purchases will benefit the population. Also, no Salvadoran taxes will be touched for the new project.

‘My New School’ program

According to local media, the construction of the 20 new schools would support the expansion of cryptocurrency education for the local population and will be part of the 400 schools planned for the “My New School” program. In October 2020, the Central American Bank for Economic Integration approved $200 million funding to El Salvador to boost education expansion.

In mid-October, the president announced that the government will spend $4 million from the Bitcoin Trust to build a new veterinary hospital. Construction should take place in the capital, San Salvador.

El Salvador’s controversial Bitcoin law officially went into effect on September 7. But the first day of legal tender status was marred by technical problems with the state wallet, Chivo.

ElSalvadorBTC, a Twitter feed that tracks the nation’s Bitcoin purchases, reported profits of $12 million to date, based on an average purchase price of $53,062.

The account also tracks the $30 incentive the government gave citizens to encourage Bitcoin adoption. The $30 in Bitcoin given to residents of El Salvador on July 9 is now worth about $38. The tracker reported this on Tuesday. Anthony Pompliano’s brother, Joe Pompliano, said the following:

“More citizens now have Bitcoin wallets than traditional bank accounts. For the first time in their lives, they have seen their purchasing power increase by more than 30%. This is a fascinating experiment.”

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