In El Salvador, a country where Bitcoin is legal, 20 new schools will be built thanks to profits from FIDEBITCOIN, the Trust for the adoption of the crypto queen. President Nayib Bukele wants to support the country’s education thanks to BTC.
El Salvador builds 20 schools thanks to Bitcoin
Not even 2 months after the legalization of BTC as the country’s currency, Nayib Bukele, president of El Salvador, revealed that he wants to build 20 new schools.
The project will be paid for with profits from FIDEBITCOIN, the trust fund created to help make Bitcoin legal tender.
Here’s how Bukele describes it:
#ChivoPets | “Cuando se hizo este proyecto no habíamos ganado tanto dinero en el FIDEBITCOIN como hemos ganado ahora. Así que hemos decidido hacer las 20 primeras Escuelas Bitcóin”: Presidente de la República, @nayibbukele. pic.twitter.com/PsQPlMcda9
— Secretaría de Prensa de la Presidencia (@SecPrensaSV) November 2, 2021
“When 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”.
The construction of the 20 new schools with Bitcoin profits comes to support the country’s education, and adds to the 400 schools in the My New School programme, among others.
The other already planned public works
The 20 new schools join a number of public works that Bukele has already mentioned he wants to carry out.
At the beginning of last month, $4 million in Bitcoin profits were set aside, also from FIDEBITCOIN, to open a veterinary hospital in El Salvador. Already at that time, Bukele had confirmed that since BTC had risen in value, there was a “surplus” of $4 million that could be used without affecting the amount of the trust.
Not only that, in another tweet, Bukele would also have specified that he is not “selling BTC” but that, being legal tender in El Salvador, he would only be using the dollar part of the trust.
In detail, the veterinary hospital paid for in BTC profits, would include 12 basic clinics, 4 emergency clinics, 4 operating theatres, rehabilitation area, isolation, recovery, hairdressing, 7 offices, 14 coworking spaces, laboratory, 2 classrooms, 1 auditorium.
All this is also possible thanks to the increased adoption of Bitcoin by Salvadorans who, thanks to the Chivo state wallet, can learn about, buy and spend their BTC, finding themselves legally holding the deflationary currency.
Bitcoin in El Salvador and the inflation of fiat currencies
A Twitter profile with a large following in the industry is very explicitly pointing out what is happening in El Salvador as a result of the legalization of Bitcoin:
El Salvador will build 20 schools with #Bitcoin profits. 🙌
Dry your tears, IMF 🖕
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 2, 2021
“El Salvador will build 20 schools with Bitcoin profits. Dry your tears, IMF”.
IMF refers to the International Monetary Fund, a public international organization composed of the national governments of 190 countries. The IMF was established with the International Bank for Reconstruction and Development (World Bank), out of the United Nations conference, becoming operational in 1945.
The commentator on Twitter was keen to point out how Bitcoin is generating profits for El Salvador, as opposed to the fiat currencies of the IMF countries. This is related to the much-discussed issue of fiat currency inflation which, especially after the pandemic, is overwhelming the economies of countries.
In this regard, Peter Thiel, co-founder of PayPal, spoke out against US inflation and the current record high price of Bitcoin.
Pro-crypto, and especially pro-Bitcoin, Thiel argued that the Federal Reserve is not looking at the problem, does not see the worsening inflation, and does not involve the right roles to address the issue.