Some time ago, of course, El Salvador accepted Bitcoin as a widely accepted means of payment throughout the country. As a result, they started “saving” Bitcoin themselves. In their Bitcoin Trust Account, they now have as much as 1,120 BTC. As you probably expected, this has paid off handsomely in the past few months. With the money they made from this Bitcoin, they are now going to build 20 ‘Bitcoin schools’.
The Bitcoin schools in El Salvador
The introduction of Bitcoin in El Salvador does not seem to have been a stopgap measure, especially since they are now in the process of further investing in Bitcoin. They are going to build 20 Bitcoin schools with their Bitcoin profits so that their people can become knowledgeable about Bitcoin.
This is brought out by the country’s president, Nayib Bukele. “When this project was started, we had not made as much money in FIDEBITCOIN (the country’s BTC trust account) as we have made now. So we have decided to make the first 20 Bitcoin Schools.” is what he had to say about building the Bitcoin schools.
This is not the first investment the country is making with the profits they have made from Bitcoin. Indeed, earlier they used $4 million to build a hospital in the country’s capital, El Salvador.
So it is clear that the introduction of Bitcoin in the country has so far brought about many positive changes. Let’s hope it continues to do so!