El Salvador is building 20 new schools. With bitcoin profits?

Amid criticism of bitcoin use in the country, Salvador President Nayib Bukele announced that his government would use the profits made from bitcoin to build new schools in the country.

Just a few months ago, El Salvador’s policy of making bitcoins legal tender in the country came into force. This move, hailed by cryptocurrency enthusiasts, has been equally criticized for the way it has been implemented. Notable among the critics was none other than Vitalik Buterin, the founder of the cryptocurrency platform Ethereum.

Reply to a topic in Reddit, Buterin called the forced introduction of a type of cryptocurrency, “contrary to the ideals of freedom“important for the crypto space. Buterin was not sad that his Ethereum did not enjoy the same status as bitcoin in the country, but continued to point out an important point that passing bitcoin to millions without” prior education experience was reckless “and put a big number of people are at risk of fraud.

However, Bukele is firm in his determination and the country has further increased its bitcoin reserves, with another round of purchases coming just last week.

With this purchase, El Salvador’s portfolio already contains 1,120 bitcoins worth more than $ 66 million. Crypto Briefing reported.

In one thread, Bukele went on to explain how the country makes profits from its crypto transactions.

The country uses these “profits” to open a pet hospital called Chivo Pets, a reference to the Chivo portfolio, where the government also deposits bitcoins worth $ 30 to get everyone started.

Speaking at the opening of the pet hospital, Bukele said the country now makes more profits from the fund and as a result, the government can fund 20 schools using those profits.

The spokesman later confirmed the same on Twitter.

Disclaimer: Some members of the IE team, including the editors of this article, have personally invested in a number of cryptocurrencies and stock markets. However, their views on private investment do not affect editorial content.

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