El Salvador president Nayib Bukele donates 2 Bitcoin towards building 1,000 schools in Honduras News ▸ El Salvador ▸ Bitcoin ▸ Crypto
El Salvador president Nayib Bukele donates 2 Bitcoin towards building 1,000 schools in Honduras
Bitcoin adoption in El Salvador remains low despite President Bukele's best efforts.
2 min read
Updated: Oct. 24, 2024 at 12:01 pm UTC
Casa Presidencial , El Salvador / CC0 1.0 DEED / Wikimedia. Remixed by CryptoSlate
El Salvador’s President Nayib Bukele has donated two BTC, valued at approximately $133,000, to support the construction of 1,000 schools in Honduras, according to an Oct. 24 X (formerly Twitter) video.
In the video, the Bitcoin advocate handed the funds to Shin Fujiyama, the founder of Students Helping Honduras, an organization dedicated to reducing poverty through education.
This donation aligns with Bukele’s consistent advocacy for Bitcoin, which he made legal tender in El Salvador in 2021. The National Bitcoin Office (ONBTC) of El Salvador confirmed that the funds came from Bukele’s personal wallet, and Fujiyama expressed deep gratitude for the generous contribution.
Fujiyama is currently undertaking a 3,000-kilometer charity run to raise funds for the school-building project. In the video, he shared that he almost abandoned the challenge out of fear but found inspiration from watching videos of Bukele, which gave him the courage to persevere.
Stacy Herbert, the Director of ONBTC, stated:
“Shin is running 3,000 km to raise the funds to build these schools and he is currently on his journey through El Salvador where the population has shown him great love and support. This is a story of individual sovereignty, personal responsibility and economic liberty.”
El Salvador’s Bitcoin adoption
This donation further reflects Bukele’s continued efforts to promote Bitcoin and integrate it into everyday life. However, BTC’s adoption rate in El Salvador remains low.
A recent survey by Francisco Gavidia University in San Salvador found that only 7.5% of respondents use crypto for transactions, while 92% do not. Additionally, just 1.3% of those surveyed believe Bitcoin should play a key role in the country’s future.
However, despite the low adoption rate, 58% of respondents expressed confidence in the country’s direction under Bukele’s leadership, particularly in economic and security areas. The survey polled 1,224 Salvadorans aged 18 and older.
Since making Bitcoin legal tender in 2021, El Salvador has acquired nearly 6,000 BTC through several purchases and different pro-crypto initiatives. However, this move has faced criticism from international organizations, notably the International Monetary Fund (IMF), which recently called for limiting public sector exposure to Bitcoin.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Nayib Armando Bukele Ortez is a Salvadoran politician and businessman who is the 46th and current President of El Salvador.
