El Salvador’s President, Nayib Bukele, has announced that the country will use Bitcoin profits to build 20 new schools.
El Salvador’s President, Nayib Bukele, has announced that the country will build 20 new schools with Bitcoin profits, according to the Press Secretary of the Presidency’s Twitter account.
The funds come from the Salvadoran Trust for Bitcoin Adoption’s surplus, which is currently trading at all-time highs above the $60,000 price mark.
The announcement came shortly after President Bukele performed the symbolic act of laying the first stone of El Salvador’s first public veterinary hospital. Because of the success of the country’s Bitcoin investment, that initiative has also become a reality.
President Bukele stated at the event that the veterinary hospital “will allow us to do 384 daily consultations, 128 daily emergencies, 64 daily dog and cat surgeries, 64 hairdressing appointments, 128 rehabilitations, and 32 X-rays.” The veterinary hospital will also hire 300 Salvadorans.
Bukele made it a point to mention that the veterinary hospital, as well as the upcoming school construction and repair, were all made possible because the opposition to his audacious national Bitcoin adoption strategy was ignored.
According to local sources, the 20 new “Bitcoin” schools will be built in addition to the 400 schools from the My New School Program.
This comes only a week after Bitcoin reached an all-time high of nearly $67,000. On October 28, President Bukele confirmed via Twitter that the Latin American country had purchased the “Bitcoin price dip,” exchanging dollars for Bitcoin at a time when he believed it was undervalued by the global market.
El Salvador’s most recent purchase of 420 Bitcoin increased the country’s total holdings to 1120 Bitcoin, worth more than $70 million at the time of writing. It appears that the country does not intend to use the profits from its Bitcoin stack to fund the veterinary hospital and new schools, but rather will continue to use the dollars held in the fund.
Bitcoiners are curious to see which country will be the next to adopt Bitcoin, as nations are being forced to compete or risk falling behind. Global politics has entered a game-theoretic prisoner’s dilemma, and nation states that adopt Bitcoin first will have a significant advantage. At the moment, El Salvador is the only country that has Bitcoin in reserve.