El Salvador President Nayib Bukele has announced that the nation will build 20 new schools with Bitcoin profit.
El Salvador’s President Nayib Bukele has announced that the nation will build 20 new schools with Bitcoin profit, the presidency’s press secretary’s Twitter account confirmed.
The funds come from the Salvadoran Trust for the Adoption of Bitcoin’s surplus, which is currently recording all-time highs of over $ 60,000.
The announcement came shortly after President Bukele performed the symbolic act of laying the foundation stone for the first public animal hospital in El Salvador. This initiative was also realized due to the success of the country’s Bitcoin investment.
Speaking at the event, President Bukele stated that the animal hospital “will allow us to have 384 daily consultations, 128 daily emergencies, 64 daily dog and cat surgeries, 64 hairdressing appointments, 128 rehabs and 32 x-rays.” The animal hospital is also said to employ 300 Salvadorans.
Bukele noted with certainty that the animal hospital and the upcoming construction and repair of the school became possible because opposition to his bold national strategy to introduce bitcoin was ignored.
The construction of the 20 new “Bitcoin” schools is in addition to the 400 schools from the My New School program, local sources report.
This happens just a week after Bitcoin hit an all-time high of nearly $ 67,000. On October 28th, President Bukele confirmed via Twitter that the Latin American nation had bought the “Bitcoin price slump” and exchanged dollars for Bitcoin at a time when he believed it was still undervalued by the world market.
El Salvador’s most recent purchase of 420 bitcoin brought its national stack to 1120 bitcoin, which was worth over $ 70 million at the time of writing. It appears that the nation is not planning to take profits from its Bitcoin stack to fund the animal hospital and new schools, but rather to continue using the dollars that are also in the fund.
Bitcoiners are excited to see which country will adopt Bitcoin next as nations are forced to compete or be left behind. The game theory prisoner dilemma began in world politics, and nation states that adopt Bitcoin first have a great advantage. At this point in time, El Salvador is the only country that publicly holds Bitcoin in reserve.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
Comments are closed.