At the moment, the country's authorities own 1,120 BTC, which are estimated at $ 70.5 million, taking into account the current exchange rate as of November 3
El Salvador's authorities will build 20 schools using the profits that Bitcoin investments have brought to the country's government. This was announced on Twitter by the press service of President Salvador Nayib Bukele. At the moment, the government of El Salvador owns 1,120 BTC ($ 70.5 million, taking into account the current exchange rate as of November 3).
In October, Bukele announced the construction of a new veterinary clinic in the capital of El Salvador, using profits from investments in the first cryptocurrency. The President noted that $ 4 million will be allocated for the project. Then Bukele explained that a surplus of $ 4 million in the Bitcoin Trust was formed due to the rise in the price of bitcoin. Fogda also stores US dollars on the balance sheet, which are used to secure investments in cryptocurrency. In this way, the fund can make a profit without selling bitcoins.
On September 7, the country entered into force a law granting the first cryptocurrency the status of legal tender on a par with the US dollar. On the same day, the authorities bought the first 550 bitcoins. Additional purchases of bitcoins were made by the El Salvadorian authorities on September 20 (150 BTC) and October 28 (420 BTC).