El Salvador to Build 20 Bitcoin Schools From Its BTC Trust Gains

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The government of El Salvador continues setting the pace with regards to Bitcoin, as it is set to build first-of-its-kind Bitcoin schools using proceeds the country has made on the virtual asset.

El Salvador Leading the Bitcoin Revolution

According to President Nayib Bukele, profits realized from the state’s Bitcoin Trust account will be pumped into the building of 20 new Bitcoin schools. Corroborating the story on Tuesday, the Press Secretary of the Presidency tweeted about the state not making as much money in FIDEBITCOIN — state BTC Trust account, at the onset. However, now that it has, there’s no stopping El Salvador from constructing the first 20 Bitcoin Schools.

In addition, Bukele’s spokesperson also stated that, profits that were made previously on BTC purchases will be used towards benefiting the people, while insisting that no Salvadoran taxes will be used for anything on the new project.

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According to Local media reports, the construction of the 20 new schools will undoubtedly enhance crypto education for locals. But it will also be a major part of the 400 schools planned for the “My New School” program. Just a year ago, $200 million was approved to El Salvador by the Central American Bank for Economic Integration (CABEI), for the education expansion initiative.

In mid-October, we reported here at TheCoinrise that President Nayib also announced that the government will be spending $4 million from the Bitcoin Trust to build a new veterinary hospital in the state capital San Salvador.

According to a Twitter feed that tracks the nation’s Bitcoin purchases, El Salvador BTC reports that no less than $12 million worth of profits has been made so far, based on an average purchase price of $53,062.

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The tweet recalls President Nayib purchasing 1,120 BTC for El Salvador at an average price of $53,062 and worth $59.43 million at the time. Interestingly however, they are now worth $71.42 million.

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