{"id":13151,"date":"2021-11-03T13:44:35","date_gmt":"2021-11-03T12:44:35","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=13151"},"modified":"2021-11-03T13:44:44","modified_gmt":"2021-11-03T12:44:44","slug":"el-salvador-to-construct-20-bitcoin-schools-with-surplus-from-bitcoin-trust","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/el-salvador-to-construct-20-bitcoin-schools-with-surplus-from-bitcoin-trust\/","title":{"rendered":"El Salvador to construct 20 ‘Bitcoin Schools’ with surplus from Bitcoin Trust"},"content":{"rendered":"\n
El Salvador's government is about to start on its second Bitcoin<\/a>-related initiative, which will include the nation's income from the asset being used to build schools.<\/h5>\n\n\n\n
\"El<\/figure>\n\n\n\n

According to President Nayib Bukele\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the profits or “surplus” from the state's Bitcoin Trust account would be used to build 20 schools. On November 2, the White House Press Secretary tweeted:<\/p>\n\n\n\n

\u201cWhen this project was started, we had not made as much money in FIDEBITCOIN [state BTC Trust account] as we have made now. So we have decided to make the first 20 Bitcoin Schools.\u201d<\/p><\/blockquote>\n\n\n\n

Bukele's representative also indicated that revenues from prior BTC purchases will help the people and that no Salvadoran taxes would be affected by the new operation.<\/p>\n\n\n\n

According to local media, the building of the 20 new schools will assist the spread of bitcoin education <\/a>for locals and will be part of the “My New School” program's 400 schools. The Central American Bank for Economic Integration (CABEI) granted $200 million in financing for El Salvador's education expansion incentive in October 2020.<\/p>\n\n\n\n

The President declared in mid-October that the government will invest $4 million from the Bitcoin Trust to build a new veterinary facility in San Salvador's city. El Salvador's contentious Bitcoin Law took effect on September 7, but the state's Chivo wallet had technical difficulties on its first day of legal tender status.<\/p>\n\n\n\n

El Salvador acquired another 420 BTC on Oct. 28, raising its total hoard to 1,120 BTC, according to CoinsCreed<\/a>. This is worth roughly $70.5 million at current rates of $63K. El Salvador BTC<\/a>, a Twitter feed that tracks the country's Bitcoin transactions, has estimated a profit of $12 million based on an average purchase price of $53,062.<\/p>\n\n\n\n

Those 1,120 #BTC that @nayibbukele and @PresidenciaSV have purchased for El Salvador<\/a> at an average price of $53,062, worth $59.43 million at the time of purchase, are now worth $71.42 million\u2014 ElSalvadorBTC (@ElSalvadorBTC_) November 2, 2021<\/p><\/blockquote>\n\n\n\n

The account also keeps track of the government's $30 stimulus package, which was given to residents to stimulate the adoption of Bitcoin. According to the tracker, the $30 in BTC provided to Salvadorans on July 9 is now worth roughly $38, as of November 2. Joe Pompliano, Anthony's brother, had this to say:<\/p>\n\n\n\n

\u201cMore citizens now have Bitcoin wallets than traditional bank <\/a>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.\u201d<\/p><\/blockquote>\n\n\n\n

<\/use><\/svg><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

El Salvador’s government is about to start on its second Bitcoin-related initiative, which will include the nation’s income from the asset being used to build schools. According to President Nayib Bukele , the profits or “surplus” from the state’s Bitcoin Trust account would be used to build 20 schools. On November 2, the White House […]<\/p>\n","protected":false},"author":13,"featured_media":13154,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,1429,456],"class_list":["post-13151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-trust","tag-el-salvador"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/image-23.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=13151"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/13154"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=13151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=13151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=13151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}