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George Spencer

November 6, 2021

El Salvador Will Build Schools With Bitcoin Profits

El Salvador continues to reap the profit of its bitcoin investments as the nation has revealed plans to build the first 20 Bitcoin schools.

In a Twitter post, the Press Secretary of the Presidency confirmed that El Salvador will finance the huge project using some of the profits realized from its bitcoin investment.

As per report from a local media outlet, the construction of the 20 new schools with bitcoin profits is in addition to the 400 schools of the My New School program which supports cryptocurrency education for Salvadorans.

This announcement comes one week after bitcoin hit a new all-time high (ATH) of above $67,000. El Salvador had bought about 420 extra bitcoins on Oct. 27, bringing the country’s total bitcoin holdings to 1,120 BTC, which is worth a whopping $ 71 million as at the time of writing.

The country’s president, Nayib Bukele also pointed out that the school construction project and other remarkable projects that El Salvador is embarking on were all made possible because opposition to the Bitcoin adoption law was ignored.

El Salvador made it into the pages of history as the first country in the world to adopt bitcoin as a legal tender. However, the decision was met with strong opposition from both global organizations and a portion of the country’s population.

Despite all this opposition, though, President Bukele maintains that adopting bitcoin as legal tender was a “forward-thinking” decision.

The announcement of this new school project comes a day after President Bukele carried out the symbolic act of laying the first stone of El Salvador’s first public pet hospital.

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Recall that a month ago, President Bukele revealed that El Salvador will be building a veterinary hospital with profits from its initial bitcoin purchase.

In a statement yesterday, he said,

“Three weeks ago we announced this work, we put a ‘render’ and we said this we are going to build with the profits of bitcoin. In less than three weeks we are building the work. In theory, I have come to lay the first stone, but the work is already more than 5% complete.”

He also went on to reveal the details of the project, adding that the hospital will directly employ 300 Salvadorans once it is completed.