El Salvador is taking another step in its adoption of Bitcoin by training 80,000 civil servants in this technology. This ambitious initiative seeks to anchor Bitcoin at the heart of public administration. Will this bold bet really strengthen the country's economic situation?
Bitcoin 100% adopted by Salvadoran government
For several years, the adoption of Bitcoin has grown to such an extent that governments and political figures have seized on it, even making it a political argument.
The country that has adopted Bitcoin the most is undoubtedly El Salvador. 20 years after abandoning its national currency, Nayib Bukele’s government passed the “Bitcoin Ley,” making BTC legal tender alongside the dollar.
Since then, the Salvadoran government has strengthened its commitment to Bitcoin, including teaching its technical and monetary functioning in primary and secondary schools, and creating Cubo+, a Bitcoin learning program for developers in the country.
🌎 To go further, discover the Découvre Bitcoin team, French speakers who collaborate with the Salvadoran government.
Recently, Stacy Herbert, Director of the Bitcoin Officean office created by the Salvadoran government to promote Bitcoin adoption in the country, announced in a post on the X network that the Escuela Superior de Innovación en la Administración Pública (ESIAP) would now integrate a module dedicated to Bitcoin.
🇸🇻EL SALVADOR CONTINUES TO TRAILBLAZE!
El Salvador will soon begin providing #Bitcoin instruction and certification to 80,000 public servants. https://t.co/gG9tMPvnPa
— The Bitcoin Office (@bitcoinofficesv) August 20, 2024
The ESIAP, initiated by President Nayib Bukele, has as its main mission to strengthen the knowledge of the Salvadoran public administration by offering training and research programs for all civil servants.
ESIAP teaches a wide range of essential skills for public servants, from ethics and anti-corruption to strategic management and public policy. It also incorporates advanced technological topics, such as cybersecurity, artificial intelligence (AI), and now Bitcoin.
So, Nearly 80,000 Salvadoran civil servants will be trained in Bitcoin.
This initiative once again demonstrates the government's commitment to the adoption of BTC, proving that this is not a passing fad, but a long-term project, marking El Salvador's desire to break with the short-term vision adopted by most governments around the world.
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Where are El Salvador's investments in Bitcoin?
A few months ago, the Salvadoran government launched a Bitcoin blockchain explorer site, allowing the tracking of state-held BTC addresses.
Evolution of the Salvadoran government's BTC holdings
El Salvador holds 5,850 Bitcoins, or more than 350 million dollars.making it one of the largest governments in terms of BTC holdings. These Bitcoins were acquired at an average price of $42,000 per unit, and currently have a capital gain of around 40%.
📰 Also read in the news – Bitcoin (BTC): in Malaysia, police destroy 985 mining machines
Other countries also hold significant amounts of BTC, including China and the United States, each with nearly 200,000 units. The German government, meanwhile, recently chose to liquidate all of its holdings, worth around $3 billion.
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Sources: ESIAP, mempool
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First lured by the lure of gain, I am now trapped deep into the rabbit hole. With no way out, I have no choice but to share my knowledge and transmit the passion I have for Bitcoin. I am also the creator of Adopt a Block, an educational site dedicated to Bitcoin.
Marius Farashi Tasooji
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