El Salvador to Build 20 Schools Using Bitcoin Profits

El Salvador will allocate part of the profits from Bitcoin operations to financing the construction of 20 modern schools. President Nayib Bukele announced this.

The statement was made as part of a ceremony to lay the cornerstone of a veterinary clinic costing $4 million. Its construction is also financed by the country’s cryptocurrency reserves.

In August, authorities established a $150 million fund, with the funds of which they began acquiring Bitcoin to enable exchanging the digital asset for dollars after it was legalized in the country.

At the end of October, the state fund bought an additional 420 BTC in the face of a local price dip and increased the balance to 1120 BTC (~$69.1 million at current rates).

“I want to announce that with several millions of profits from Bitcoin, we are going to build the first 20 schools, fully equipped and modern,” Bukele said.

He reminded that the opposition opposed the passage of the law recognizing the first cryptocurrency as the legal tender in the country.

“Thank God we ignored them, and the profit, the existence of which they did not want, will benefit many animals,” the president said during the ceremony.

Earlier, El Salvador began mining Bitcoin using geothermal volcanic energy.

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