El Salvador plans to use profits from its Bitcoin Trust account to build twenty Bitcoin schools in the country. The move might be inspired by the need to teach and promote Bitcoin literacy in the country.
According to a report by local news, Bukele said that the profits from the country’s Bitcoin stash will fund the project.
“When this project was started, we had not made as much money in FIDEBITCOIN as we have made now. So we have decided to make the first 20 Bitcoin Schools.”
Bukele cleared the air that the funds used for these projects are solely funded by Bitcoin proceeds and not from citizens’ tax.
In the last 24 hours, bitcoin has been down by 2.50%, with a current price of $61,865.45 as of the time of writing this. Within 24 hours, bitcoin dropped to 61,640.50 low and $64,292.82 high. The trading volume of bitcoin in the last 24 hours is $1.34B. The current market capitalization of bitcoin is $1.17T. Currently, $18.86M bitcoins are in circulation.
Stats and Image from Coin Desk
El Salvador is the first country to legalize bitcoin as a legal tender. The country currently has about 1,120 BTCin its treasury following the recent purchase of 420 BTC when Bitcoin dipped briefly, which the president announced on Twitter.
The country has been making some moves on how to utilize its Bitcoin profits. For example, Bukele announced in October that the country will invest $4 million of its profit into building a veterinary hospital.