The president of El Salvador, Nayib Bukele, has announced that the profits the government would make from its Bitcoin investment will be used to build 20 schools.
The funds will come from the Salvadoran Fund for the adoption of Bitcoin, which at the moment enjoys a cryptocurrency valuation averaging around $60,000.
After passing the law making Bitcoin legal tender, the Government of El Salvador has invested more than US$21 million in the cryptocurrency.
The announcement by the presidency was made after Bukele, in a symbolic act, laid the first bricks of a public veterinary hospital —the first of its kind in El Salvador—, an initiative that will also be financed with the profits obtained by the Government from its investment in Bitcoin.
The Central American country’s last cryptocurrency purchase was equivalent to 420 Bticoins, accumulating to date more than 1120 units, whose current value amounts to US$ 70 million. The executive for the time being is retaining most of his Bitcoin investment, which will be used to finance the raising of public infrastructure in the Central American country.
In the past Bukele has justified his policy of investing in Bitcoin under the proclamation that the cryptocurrency is undervalued by the market, and insists that the government should buy cyptocurrencies in during falls in their price, replicating a strategy known in the world of cryptotrades as “buy the dip.”