By educating students, El Salvador is taking additional steps toward its goal of achieving widespread use of Bitcoin. However, the country's portfolio has experienced a decline of sixty percent.
Students in El Salvador are being taught about Bitcoin, paving the way for the further use of cryptocurrency.
Even in the depths of the crypto winter, El Salvador maintains its concentration on the widespread adoption of Bitcoin. A video captures a lesson on Bitcoin given to students in a school setting.
When youngsters become adult citizens and begin contributing to the nation, teaching about Bitcoin at a young age may stimulate widespread acceptance of the technology and new use cases for cryptocurrencies.
A Proper Bitcoin Course
A video that has gone popular on Twitter shows teachers in El Salvador teaching their students about Bitcoin as part of a ten-week-long lesson plan. The instructors give the students a demonstration demonstrating how Bitcoin can be received via the Lightning network. Students also receive instruction on various topics, including nodes, double spending, and Bitcoin halvings.
An educator has stated that the intention is for this to be implemented at other educational institutions all around the world.
A Bitcoin education project (1) in El Salvador known as "My First Bitcoin" promised to teach (2) more than 10,000 students by the year 2022. It projects that by 2023, it will have 25 times the current number of pupils it teaches and 250,000 altogether.
El Salvador is All-In on Bitcoin
Following the approval of Bitcoin as a form of legal tender the previous year, the nation has made several efforts toward the widespread acceptance of the cryptocurrency. In November 2017, President Nayib Bukele announced that the country had been working toward constructing a Bitcoin city that would be exempt from income and property taxes.
The President established a specialized Bitcoin Office one month ago to coordinate all cryptocurrency-related projects. Additionally, it will act as a bridge to facilitate meetings among individuals and the President regarding the introduction of Bitcoin and blockchain technology in the nation.
According to a website (3) that monitors El Salvador's portfolio, the nation has been purchasing one Bitcoin per day starting November 18, and it currently has over 2,458 Bitcoins in its possession. The Central American nation's Bitcoin assets have experienced a loss of 61.82%, which equates to a loss of approximately $67 million in unrealized value.
Bitcoin Technicals as of Today
As of writing this article, Bitcoin is exchanging hands at $16,870. It has been confined to the range of $17,000 and $16,500 for a while now. Many experts claim that Bitcoin is at its lowest when considering its volatility. We recently reported that the crypto king is at the all-time lowest volatility.
With many major landslide events like the TerraLUNA rout and the major crypto exchange FTX collapsing in 2022, it is expected that we will see the resurgence of Bitcoin in 2023. The countries like El Salvador are keenly watched to ascertain the impact of adopting a blockchain-based currency as a legal tender.