President Nayib Bukelele of the Republic of El Salvador vows to use earnings from Bitcoin to establish schools in the country. The Press secretary for the president’s Twitter confirmed that the president plans to establish 20 new schools with the profit.
How El Salvador’s Invested in Bitcoin
On 7th September 2021, the Central American country became the first country to legalize Bitcoin tender. This law therefore means that the citizens have since been trading using both digital and physical currency. El Salvador created a digital surplus investment which was dubbed ‘Chivo.’
Her citizens progress to register in the online market trade. Earlier on, the government had placed a US $ 30 investment for the first registers. Currently, traders in El Salvador are opening doors to customers who pay using Bitcoin currency.
El Salvador’s Bitcoin Market trend
The first investment for the country whooped a US $ 3.5 million loss. Nonetheless, the downfall did not turn the country dispossessed. Rather, on 10th October 2021, the government recorded a US $4 Million gain. President Bukelele, at the time, also announced the profit to be used in the construction of a new veterinary hospital.
As the president also unveiled the logistics of the first public veterinary hospital in the country, he shared his anticipations in the online trade fair. In addition, the government now boasts of its all-time highs above the $ 60,000 mark in the trade.
The idea for building 20 schools in the country comes just after The President set the foundation stone for the veterinary hospital. As he explains, the hospital will hire 300 Salvadorians. Moreover,
“The hospital will allow us to do 384 daily consultations, attend 128 daily emergencies, perform 64 daily dog and cat surgeries, 64 appointments at the hairdresser, 128 rehabilitations and 32 x-rays “ as stated by the president.
President Nayib gave full credit to Bitcoin for being the source of funds to build the hospital and schools. The 20 schools will add to the existing 400 schools in his tenure plan. He also thanks his government for supporting the online market trade proposal.
Future Trend in the Country
With regards to the continuous growth in the country’s Bitcoin investment, the question is; will the government continue in this business?
The move to build schools from the funds has had people wondering whether the country will withdraw from the cryptocurrency business. However, complete withdrawal is an unlikely situation. Subsequently, the government has recently bought 420 Bitcoins. With this new purchase, the country has a stack of 1120 Bitcoins, which is worth approximately US $70 Million.
Given these stakes in hand, the country is portraying that this business is here to stay. The number of physical companies that are accepting Bitcoin payments is on the increase. This increase further emphasizes the durability of this market trend in the country.
The nation and globe are eager to see where this bold move by the Latin-America country will reach. We are also keenly following to see which country follows suit. El Salvador, the trend maker.