El Salvador Is Building 20 'Bitcoin Schools' Using Crypto Profits

The Central American country of El Salvador plans to build 20 schools using the profits made from its Bitcoin BTC/USD investment.

What To Know: According to a tweet from the nation’s Press Secretary of the Presidency, El Salvador will use the profits from the government’s Bitcoin Trust to construct 20 schools.

"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," stated El Salvador’s President Nayib Bukele.

Bukele also stated no El Salvadoran taxes will be utilized in aid of the project which will be funded solely from the surplus earned from its Bitcoin investment.

Earlier this year, Bukele announced that $4 million from the country’s Bitcoin Trust would be put forth towards the construction of a new veterinary hospital.

The nation owns a total of 1,120 BTC which was acquired at an average cost of $59.43 million. El Salvador’s Bitcoin stash is now worth $71.42 million.

Those 1,120 #BTC that @nayibbukele and @PresidenciaSV have purchased for El Salvador at an average price of $53,062, worth $59.43 million at the time of purchase, are now worth $71.42 million

— ElSalvadorBTC (@ElSalvadorBTC_) November 2, 2021

Price Action: Bitcoin, the leading digital asset, was trading at $63,200 at the time of writing, gaining just 0.46% in the last 24 hours.

Photo: Element5 Digital on Unsplash