The government of El Salvador has confirmed its ready plans to establish 20 Bitcoin schools with the surplus made from its Bitcoin Trust account that currently holds 1,120 BTC.
In a November 2 announcement, the Press Secretary at the office of the president revealed that President Nayib Bukele intends to use profits or “surplus” from the states Bitcoin Trust account to build 20 schools The press secretary tweeted:
“When this project was started, we had not made as much money in FIDEBITCOIN [state BTC Trust account] as we have made now. So we have decided to make the first 20 Bitcoin Schools.”
Bukele’s spokesperson also revealed that profits from previous BTC purchases would go towards the welfare of her residents, with no Salvadoran taxes added to the new project.
According to local media, the new Bitcoin project will also support the expansion of crypto education to residents. These first 20 Bitcoin schools are part of the 400 schools planned for the “My New School” program. In October 2021, the Central American Bank for Economic Integration (CABEI) approved $200 million to finance education in El Salvador.
In a related crypto development, El Salvador’s president announced that his government would spend another $4 million from the Bitcoin Trust to establish a new veterinary hospital in San Salvador in mid-October this year.
The Bitcoin law that made the flagship crypto a legal tender in El Salvador took effect on September 7. Despite the state’s Chivo wallet facing technical glitches on its inaugural day, El Salvador successfully ushered in its new crypto tender.
On October 28, reliable reports confirmed that El Salvador purchased a further 420 BTC bringing its total crypto holdings to 1,120 BTC. At current prices of $61K, the total holdings are worth more than $67.5 million.
According to a Twitter feed that tracks Bitcoin holdings, El Salvador has already made $12 million in profits so far, based on its average purchase price of $53,062.
— ElSalvadorBTC (@ElSalvadorBTC_) November 2, 2021
The Twitter feed has also tracked the initial $30 stimulus package the Salvadoran government offered its citizens to embrace Bitcoin. In this case, the $30 worth of BTC airdropped to new Chivo wallet holders on July 9 is now worth roughly $38.
While commenting about Bitcoin adoption in El Salvador, the owner of Twitter feed Anthony Pompiano’s brother tweeted:
“More citizens now have Bitcoin wallets than traditional bank accounts, and for the first time in their life, they have seen their purchasing power appreciate by more than 30%. This is a fascinating experiment.”