El Salvador Using Bitcoin Trust Surplus Funds for Schools, Vet Hospitals, and More

El Salvador sought to establish a bitcoin trust, after being the first to establish bitcoin as legal tender, and that fund holds millions of dollars which are expected to be used to facilitate dollar conversions.

The government announced that they would be using surplus funds from that bitcoin trust for things like building vet hospitals, schools, and it could go toward funding other projects as well.

The funds from the bitcoin trust would be used to establish dozens of 'bitcoin schools' thanks to the surplus that they are seeing and for the Chivo Pets hospital they are already open and seeing customers. At the pet hospital they are offering an incredibly low rate of around $0.25 for a visit. This is drastically lower than many might pay in other countries for a vet visit.

The bitcoin transition has been felt by many in the region and in a way they are still just getting started to see what benefits might come from this move to support cryptocurrency in this way. And they've received plenty of pushback about it too with the IMF asking them to scale it back.

Millions of users eventually started using the Chivo wallet, even if it has seen some repots of problems from users, and there are plans to roll out hundreds of bitcoin ATM machines around the country too.

There are multiple cities that have looked to bitcoin now to see how they might reap value from it to give back to their communities, as El Salvador is doing, and it is expected that the list is going to grow rapidly. For those who have already looked to bitcoin for that opportunity they've seen millions in value in return from doing it, like with Miami Coin which has already raised millions of dollars for the city.

Not only are those businesses getting a start or help thanks to bitcoin but they are also offering customers more affordable and convenient options along the way too.

Pics: pixabay not financial advice

Sources: https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-price-el-salvador-schools-b1950064.html https://coinmarketcap.com/alexandria/article/el-salvador-to-build-pet-clinic-with-btc-profits https://cointelegraph.com/news/el-salvador-relaunches-chivo-wallet-plans-to-deploy-1-500-bitcoin-atms