Making a fortune by playing coins, the president of a country uses the profits to build 20 modern schools

Tram Ho

The government of El Salvador will use part of the profits from its Bitcoin (BTC) investment to build 20 schools in the country. This is the statement from El Salvador president Nayib Bukele during the groundbreaking ceremony for a $4 million veterinary hospital, which is also the profit the government has made thanks to Bitcoin.

Recently, the Central American national government bought an additional 420 BTC when the cryptocurrency had a correction in price below $59,000. This ‘bottom-fishing’ brings the total Bitcoin El Salvador holdings to 1,120 Bitcoins, worth about $69 million at current prices.

“I would like to announce that the remaining few million USD of profits from the Bitcoin investment will be used to build 20 modern and fully equipped schools,” wrote Nayib Bukele on Twitter.

Kiếm bộn nhờ chơi coin, tổng thống một quốc gia dùng luôn tiền lãi để xây 20 trường học hiện đại - Ảnh 1.

El Salvador President Nayib Bukele

As revealed by President Nayib Bukele on Twitter, the government of El Salvador has an investment trust fund (ie a fund that receives capital from donors, ie trustees, to invest – NV), which is holding hold both cryptocurrencies and USD. As Bitcoin increases in value, the government of El Salvador withdraws that profit in USD from the trust.

In September alone, the government of El Salvador had two bottom-fishing times when the cryptocurrency plunged to $45,000, on September 20 and September 7, respectively. Although not officially announced, the total amount El Salvador spent to own 700 BTC in September 2021 alone is estimated at 34.3 million USD, or about 49,000 USD for 1 BTC on average.

According to calculations by many crypto experts, the government of El Salvador could profit up to 11.6 million USD (about 23.4% profit) when Bitcoin price hits 66,400 USD/BTC on October 20 – all thanks to the “sale” times after 1 month of investing in the cryptocurrency market.

“They can never beat you if you bottom,” President Bukele said in a tweet at the time.

In early September, El Salvador became the first country in the world to recognize the legitimacy of Bitcoin.

Not only investing in Bitcoin, the El Salvardor government also aims to mine the cryptocurrency right here in the country by taking advantage of the energy obtained from the volcano. Accordingly, the country has built an energy production plant operated by LaGeo – a geothermal company owned by the country’s government. This plant will be in charge of providing electricity for the Bitcoin mining farms of the El Savaldor government to operate.

At the beginning of October, El Salvador claimed to have mined 0.00599179 Bitcoins powered by volcanic energy. The number is expected to be much higher at this time, when ASIC miners for Bitcoin mining are installed by the government of El Salvador.

Consult Business Insider

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Source : Genk