El Salvador’s Bitcoin Philanthropy
President Nayib Bukele of El Salvador has made headlines by donating two BTC, valued at around $133,000, to fund the construction of 1,000 schools in Honduras. This donation was announced in a video shared on October 24 via X (formerly known as Twitter).
Supporting Education in Honduras
In the video, Bukele handed over the funds to Shin Fujiyama, the founder of Students Helping Honduras, an organization dedicated to alleviating poverty through education initiatives. This act of generosity is part of Bukele’s ongoing advocacy for Bitcoin, which he made legal tender in El Salvador in 2021.
Personal Commitment to Community Welfare
The National Bitcoin Office of El Salvador (ONBTC) confirmed that the donation originated from Bukele’s personal wallet. Fujiyama expressed profound gratitude for the generous contribution, which aids in his ambitious 3,000-kilometer charity run aimed at raising funds for the school project. During the video, he shared how the inspiration from Bukele’s prior endeavors motivated him to continue his journey despite earlier doubts.
“Shin is running 3,000 km to raise funds to build schools and is currently receiving tremendous support in El Salvador. This is a story of individual sovereignty, personal responsibility, and economic liberty,” stated Stacy Herbert, Director of the ONBTC.
Promoting Bitcoin in El Salvador
This philanthropic act underlines Bukele’s commitment to promoting Bitcoin and incorporating it into daily life. Nevertheless, recent studies indicate that the adoption rate of Bitcoin in El Salvador remains relatively modest.
Insights from Recent Surveys
A survey conducted by Francisco Gavidia University found that only 7.5% of respondents actively use cryptocurrency for transactions, while a staggering 92% do not engage in crypto activities. Furthermore, only 1.3% of participants believe Bitcoin should significantly influence the country’s future.
Public Sentiment and Confidence
Despite the limited adoption rate, 58% of those surveyed expressed confidence in Bukele’s leadership, particularly regarding economic and security advancement. The survey included responses from 1,224 Salvadorans aged 18 and older.
El Salvador’s Bitcoin Journey
Since the decision to recognize Bitcoin as legal tender in 2021, El Salvador has amassed nearly 6,000 BTC through various purchases and pro-crypto initiatives. However, this bold move has attracted criticism from international institutions, including the International Monetary Fund (IMF), which has recently recommended that the government limit its public sector’s exposure to Bitcoin.
In Summary
El Salvador’s innovative approach to Bitcoin continues to spark conversation and debate regarding both its potential and challenges within the global financial landscape.
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