In line with an October 24 video on X (previously Twitter), El Salvador's President Nayib Boucle donated 2BTC, value about $133,000, to assist construct 1,000 faculties in Honduras.

Within the video, Bitcoin supporters handed over funds to Shin Fujiyama, founding father of College students Serving to Honduras, a company that works to cut back poverty by training.

This donation is in step with Bouclet's constant assist for Bitcoin, which turned authorized tender in El Salvador in 2021. El Salvador's Nationwide Bitcoin Workplace (ONBTC) confirmed that the funds got here from Mr. Boucle's private pockets, and Mr. Fujiyama expressed his deep gratitude for the beneficiant donation. .

Fujiyama is at present working a 3,000km charity run to lift funds for a college development undertaking. Within the video, he mentioned he virtually gave up on the problem out of worry, however watching Bukele's video impressed him and gave him the braveness to maintain going.

ONBTC Director Stacey Herbert mentioned:

“Mr Singh has run 3,000 kilometers to lift funds to construct these faculties and is at present touring by El Salvador the place the individuals have proven him nice love and assist. It’s a narrative of non-public sovereignty, private duty, and financial freedom.”

Bitcoin adoption in El Salvador

This donation additional displays Bukele's continued efforts to advertise Bitcoin and combine it into on a regular basis life. Nevertheless, the penetration price of BTC in El Salvador stays low.

A latest survey by Universidad Francisco Gavidia in San Salvador discovered that solely 7.5% of respondents use cryptocurrencies for transactions, whereas 92% don’t. Moreover, only one.3% of these surveyed imagine that Bitcoin ought to play an vital position within the nation's future.

Nevertheless, regardless of the low adoption price, 58% of respondents expressed confidence within the route of the nation below Bukele's management, notably within the financial and safety areas. The survey was performed amongst 1,224 Salvadorans aged 18 and older.

Since Bitcoin turned authorized tender in 2021, El Salvador has acquired roughly 6,000 BTC by a number of purchases and numerous crypto-promoting initiatives. Nevertheless, the transfer has come below criticism from worldwide organizations, notably the Worldwide Financial Fund (IMF), which lately referred to as for limiting public sector publicity to Bitcoin.

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