El Salvador investing Bitcoin (BTC) gains into building 20 schools

The government of El Salvador continues to make major gains following its Bitcoin (BTC/USD) initiative. The government has now announced that it will be embarking on an initiative to build schools using its gains from holding Bitcoin.

Using Bitcoin gains to build schools

The Salvadoran government has now stated that it will be embarking on the next Bitcoin project where the surplus funds gained from the country’s Bitcoin Trust account. The funds will be directed into building 20 schools.

A tweet posted by the Press Secretary of Nayib Bukele stated that “When this project was started, we had not made as much money in FIDEBITCOIN as we have made now. So we have decided to make the first 20 Bitcoin Schools.” FIDEBITCOIN is the Bitcoin Trust account of El Salvador.

The press secretary of Bukele further stated that the gains made from the previous Bitcoin purchases would support initiatives that will support Salvadorans. The projects will be financially supported using Bitcoin funds, and no taxes will be used.

Last month, Bukele had stated that the government would spend $4 million from the Bitcoin Trusty to build a veterinary hospital in the country’s capital.

El Salvador’s Bitcoin law

El Salvador implemented its Bitcoin law on September 7. However, the implementation of this law was met with a lot of criticism as the Chivo wallet suffered glitches on the first day. Many people have also stated that the Bitcoin law will be hard to implement because Salvadorans do not have enough education.

On October 28, El Salvador bought an additional 420 Bitcoin, which brought the country’s entire Bitcoin holdings to 1120 BTC. With the current Bitcoin price of around $63K, this Bitcoin is worth around $70.5 million. The country is estimated to have made $12 million in profits at an average purchase price of $53,062.

When the Salvadoran government implemented the Bitcoin law in September, it gave out $30 worth of free Bitcoin. It is estimated that this stimulus handout has increased to $38. These developments show that the Bitcoin law is achieving success, unlike had been earlier predicted.

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