El Salvador to Use Bitcoin Profits to Build 20 Schools

November 04, 2021, 9:30 AM AEST - 3 weeks ago

Last month, El Salvador’s laser-eyed President Nakib Bukele announced the nation would build an animal hospital using a portion of its bitcoin profits. This month it’s 20 new schools, also to be funded from the surplus of the Salvadorean Trust for the Adoption of Bitcoin.

Translation: “I announce that with a few million that we have left from the profits of #Bitcoin we are going to build the first 20 #Bitcoin schools, fully equipped and modern.”

Bukele’s latest announcement was made just after he laid the foundation stone of the public veterinary hospital, a first for the Central American republic and a project that will employ 300 Salvadoreans.

The president took the opportunity to mention that both the veterinary hospital and the forthcoming schools construction were made possible because opposition to his bold national Bitcoin adoption strategy was ignored.

The 20 new bitcoin-funded schools are additional to the 400 schools already announced under the El Salvadorean government’s My New School Program, as reported locally.

El Salvador ‘Buys the Dip’ Again

Late last month, Bukele confirmed via Twitter that El Salvador had again “bought the dip” on bitcoin, with its latest purchase of 420 BTC bringing the nation’s holding to 1120 BTC, or US$70.5 million at the time of writing.

News of the additional schools building plan comes just a week after bitcoin’s price hit an all-time high of nearly US$67,000.

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