Blockchain

El Salvador to build 20 ‘Bitcoin Schools’ with surplus from Bitcoin Trust

The government will use the “surplus” from its Bitcoin Trust account that currently contains 1,120 BTC.

The government of El Salvador is embarking on its next Bitcoin-related project which involves building schools using profits the nation has made on the asset.

Profits or the “surplus” from the state’s Bitcoin Trust account will be channeled into the construction of 20 schools according to President Nayib Bukele. On Nov. 2, the Press Secretary of the Presidency tweeted:

The account also tracks the $30 stimulus handout that the government gave to citizens to encourage the adoption of Bitcoin. The $30 in BTC given to Salvadorans on July 9 is now worth around $38, the tracker reported on Nov. 2. Anthony Pompliano’s brother Joe commented:

“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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