El Salvador, which introduced Bitcoin as the official currency on September 7, 2021, also has hundreds of Bitcoins in its wallet. Having bought lower than today’s level over the past weeks, El Salvador has also made a huge profit with its cryptocurrency investment. Lastly, a week ago, when Bitcoin was around $ 58, 400, El Salvador bought 420 more Bitcoins, increasing the number of Bitcoins in his hands to 1.120.
El Salvador, which was profitable from its last purchase, also announced where to spend the Bitcoin profit it has earned so far. In the post made by the El Salvador Presidential Press Secretariat on Twitter, it was announced that El Salvador will build 20 schools with the profits made with Bitcoin. In addition, another area where the profit will be used was announced.
There are also other projects:
According to the news reflected in the local press of El Salvador, the 20 schools to be built will be among the 400 schools planned to be built under the ‘My New School’ program in the country. El Salvador received $200 million in financing from the Central American Bank for Economic Integration (CABEI) in October 2020 to expand education in the country.
The spokesperson of El Salvador President Nayib Bukele announced in a statement that the profits from previous BTC purchases will go to benefit people and the taxes of El Salvadorans will not be touched for the new project. El Salvador has spoken before about what it will do with Bitcoin profits. Bukele stated that a new veterinary hospital would be built in mid-October.
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