Skip to main content

On Tuesday, President Nayib Bukele of El Salvador announced that the Central American country would be building 20 "Bitcoin schools" from surplus funds from its Bitcoin Trust account, according to Coin Telegraph.

In September, El Salvador became the world's first country to adopt Bitcoin as legal tender. 

Learn how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.

“I want to announce that with a few million that we have left from the profits of Bitcoin, we are going to build 20 Bitcoin schools, fully equipped and modern,” said President Bukele during an event for El Salvador's first public veterinary hospital funded by profits from cryptocurrency.

“God willing, more works will come from the profits of a trust that was created and a law that was created because we ignored the opposition.”

Scroll to Continue

Recommended for You

During the past few months, the Salvadoran Trust for the Adoption of Bitcoin purchased 1,120 BTC. 

The value of Bitcoin has spiked by 40% since El Salvador's law came into effect, and the recent rallying around the cryptocurrency has allowed the country to reap the profits. 

Bukele's administration said that Salvadoran taxes will not be used for the 20 Bitcoin schools and reiterated that BTC surplus funds would go toward projects benefiting the public.

At the outset, each Salvadoran was given a $30 stimulus handout to encourage Bitcoin adoption, and to further accelerate Bitcoin's usage in the country, the schools will feature cryptocurrency education.

Last month, Bukele also said the government would use $4 million from the Bitcoin Trust for a new veterinary hospital in the country's capital.