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Bitcoin, Cryptocurrency, Featured

Bitcoins Profit To Fund 20 New Schools In El Salvador Announces President Bukele

The President of El Salvador Nayib Bukele tweeted that the country will assemble 20 new schools with benefits reaped off of Bitcoins. The crypto world received the announcement via the Presidency Press Secretary’s Twitter account. 

The tweet reads, “with a few million that we have left from the profits of Bitcoin we are going to build the first 20 schools…”

El Salvador’s Successful Crypto Adoption 

In addition to the crypto announcement, President Bukele laid the first stone for a public veterinary hospital in El Salvador. As a result of the country’s success in investing in Bitcoin, that initiative took place. The veterinary hospital “will allow us to do 384 daily consultations, attend 128 daily emergencies, perform 64 daily dog ​​and cat surgeries, 64 hairdressing appointments, 128 rehabilitations, and 32 X-rays,” President Bukele. It will provide employment to over 300 Salvadorans.

The finances come from the Salvadoran Trust for the Reception of Bitcoin. It is presently partaking in record-breaking highs at over the $60,000 value mark.

The building of the veterinary hospital and the upcoming school repair and construction are indicative of the Bitcoin adoption success in the country. During his address, Bukele laid emphasis on the fact that this was made possible as a result of not opposing his national Bitcoin adoption strategy.

As per local reports, the My New School Program has already built 400 schools and these 20 new ‘Bitcoin schools’ are a plus. 

Also Read: El Salvador Announces BTC Tax Exemption by the Government for Foreign Investors.

Crypto El Salvador Rife With Bitcoins

The news of El Salvador’s crypto schools arrives just in time of Bitcoin’s record-high trading price of about $67,000. On 28 October, President Bukele tweeted in the last week of October that his administration has bought the “Bitcoin price dip,” for the country. The nation has exchanged dollars for Bitcoin to make a mark in the global crypto market.

After acquiring 420 Bitcoins, El Salvador now has 1120 Bitcoins, worth over $70 million. However, the funding for the veterinary hospital and the new schools would reportedly continue to be in dollars.

Related: El Salvador Welcomes New Era Of Digital Currency with 200 New Bitcoins.

In Conclusion

The boom of Bitcoin adoption is widespread. It is exciting for Bitcoiners to perceive what nation will be the next to embrace Bitcoin. Especially when some countries are compelled to contend in the crypto market or are abandoned by some developed countries. The game – hypothetical prisoner’s dilemma has started among the global governments. The quickest countries to adopt Bitcoin are at an incredible benefit. Right now, El Salvador is the single nation freely holding Bitcoin for possible later use.

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