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El Salvador Will Build 20 Schools With Its Bitcoin Profits

CryptocurrencyNov 02, 2021 12:00PM ET
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© Reuters. El Salvador Will Build 20 Schools With Its Bitcoin Profits

  • El Salvador uses Bitcoin profits to build 20 schools.
  • The nation has already come a long way since legalizing Bitcoin five months ago.
  • The crypto community is ecstatic by the announcement.

El Salvador continues to blow the world away. Not so long ago, El Salvador made Bitcoin a legal tender in its nation. After much fanfare and additional steps to leverage this decision, El Salvador has a new announcement to make.

In detail, El Salvador will be using the profits it made from Bitcoin (BTC) to build 20 schools. This news came from a tweet by Bitcoin Magazine just a few hours ago.

El Salvador has come a long way this year. From working to make Bitcoin a legal tender in mid-2021, it is now using its profits to build for good.

In fact, El Salvador has been very proactive this year. Since making Bitcoin a legal tender in June, it has gone on to harness the geothermal power of its volcanoes to mine Bitcoin.

As for its citizens, El Salvador gave $30 worth of Bitcoin to all its citizens who downloaded and registered on Chivo e-wallet. This was in an effort to get more Bitcoin wallets open in the country. Indeed, it is a good initiative as now the Bitcoin wallets in El Salvador have surpassed 2.1 million.

Yet, El Salvador was just getting started. Without further ado, the country brought in and installed 200 Bitcoin ATMs. They did so in order to prepare for the large-scale Bitcoin adoption that was soon to come.

In addition, El Salvador went on to buy more and more Bitcoin during the dips this year. Currently, the nation holds a whopping total of 1120 Bitcoins.

Coming back to El Salvador using Bitcoin profits to build schools, the crypto community and the whole world can’t get enough of this. So much so that Bitcoin Archive also posted a tweet related to it.

As we can see from this tweet, the crypto community laughs at traditional monetary funding projects. In particular, this tweet calls out the International Monetary Fund (IMF). Truly, it seems that the crypto space continues to solve some of the biggest problems the world is facing.

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El Salvador Will Build 20 Schools With Its Bitcoin Profits
 

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