The Central American country now owns 1,120 BTC and bought them for an average price of $53,062, resulting in a profit of about $11 million at current rates.
El Salvador has announced that it plans to use some of the profits from its Bitcoin Trust to build 20 new schools.
It’s hoped that the new facilities will help to educate locals about how cryptocurrencies work.
The Central American country now owns 1,120 BTC and bought them for an average price of $53,062, resulting in a profit of about $11 million at current rates.
President Nayib Bukele had previously announced that profits would also be used to build a new hospital for pets — however, some Salvadorans criticized this move and argued that investment in medical facilities for humans was far more urgent.
The new schools form part of a wider strategy to build 400 educational facilities across the country.
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Adoption Increasing
It’s now been almost two months since El Salvador controversially adopted Bitcoin as legal tender.
The move attracted widespread protests, and one Bitcoin ATM was even set on fire in the capital San Salvador.
Every consumer in the country was eligible for a reward of $30 in Bitcoin — and those who held on to this investment would now have a balance of $38.
