So, The government of El Salvador is setting out on its next project which involves building schools. Of course, this is through using profits of the the nation on the asset.
Furthermore, the “surplus” from the state’s Bitcoin Trust account will be in use for the construction of 20 schools.
So, this is according to President Nayib Bukele, On Nov. 2, the Press Secretary of the Presidency tweets.
“When this project was started, we had not made as much money in FIDEBITCOIN…”
“[state BTC Trust account] as we have made now.”
“So we have decided to make the first 20 Bitcoin Schools.”
More so, according to Bukele’s spokesperson, the profits from previous BTC purchases will become useful. Also, there’s no plan to touch Salvadoran taxes on the new project.
Additionally, Local media reports how the construction of the 20 new schools will support the expansion of cryptocurrency education. Especially, for locals and also as part of 400 schools in preparation for the “My New School” program.
Recall, In October 2020, the Central American Bank for Economic Integration (CABEI). Notably, The body approves the financing of $200 million to El Salvador for the education expansion incentive.
So, the President declares that the government will spend $4 million from the Bitcoin Trust. Of course, this is to construct a new veterinary hospital in the capital San Salvador.
Those 1,120 #BTC that @nayibbukele and @PresidenciaSV have purchased…”
“for El Salvador at an average price of $53,062, worth $59.43 million…”
“at the time of purchase, are now worth $71.42 million.” — ElSalvadorBTC (@ElSalvadorBTC_) November 2, 2021
Lastly, The $30 in BTC the country gives to Salvadorans on July 9 is now worth around $38.
So, Anthony Pompliano’s brother Joe comments.
“More citizens now have Bitcoin wallets than traditional bank accounts,…”
“and for the first time in their life, they have seen their purchasing power…”
“appreciate by more than 30%. This is a fascinating experiment.”
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