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Bukele uses BTC profits for 20 new schools

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El Salvador is building 20 schools with the surplus from the BTC Trust, which currently contains 1,120 BTC and is generating profits.

The El Salvador government is launching its next BTC-related project. This time, however, it is not about new BTC ATMs or new free BTC for Chivo users, as one might think, but about building schools. Funding for this is said to come from the profits the country has made with the No. 1 digital asset. President Nayib Bukele wants to use the state BTC escrow account for this, as he announced in a tweet on November 2nd.

The President of El Salvador said aloud local media reports that further work should be done for the benefit of the people. However, the tax revenue would not be touched, it is said. Instead, the funds came from the fund of the new BTC law. Nayib Bukele does not miss this opportunity to rail against the opposition that has resisted the law.

“When we do something, they complain, when we don’t, they complain too,” he said.

El Salvador benefits BTC price development

In fact, Bukele is anything but undisputed in its own country, not only because of the new BTC law. Critics even accuse him of acting in the style of a dictator. He took up the charge and claimed that the “coolest dictator in the world” to be. According to the reports, the construction of the 20 new schools will also serve to increase the population’s knowledge of cryptocurrencies in general and BTC in particular. In total there are as many as 400 new schools as part of the “My New School” program (Mi Nueva Escuela) planned. In October 2020, the Central American Bank for Economic Integration (CABEI) approved $ 200 million in funding for El Salvador to advance education expansion.

It is not the first time that El Salvador’s President Bukele wants to use the BTC profits for a good cause. In October 2021, he announced that $ 4 million of the BTC proceeds would be used to build a veterinary clinic in the Salvadorean capital, San Salvador. The BTC price development of the past few weeks is of course benefiting these plans. With El Salvador BTC there is one Twitter feedwho tracks the country’s BTC purchases. As a result, the country has made $ 12 million in profit to date, based on an average purchase price of $ 53,062.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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