On September 7, 2021, history was made when El Salvador officially recognized Bitcoin as its legal tender, a move that garnered global attention and marked the birth of what is now celebrated annually as ‘Bitcoin Day.’
This year, on the second anniversary of this momentous occasion, Bitfinex, a prominent cryptocurrency exchange, has announced its participation in the festivities.
Bitfinex’s commitment to El Salvador
Bitfinex has demonstrated its commitment to the cause in El Salvador by actively engaging in initiatives to promote the adoption of Bitcoin in the country.
In July, the exchange donated a generous sum of 36 BTC and 600,000 USDT to support small businesses in El Salvador’s urban areas, which have been adversely affected by extortion from street gangs.
This noble effort was carried out in collaboration with Max Keiser and Stacy Herbert, renowned content creators and early advocates of Bitcoin who are also residents of El Salvador.
Paolo Ardoino, the Chief Technology Officer (CTO) of Bitfinex, emphasized that this funding was a tangible demonstration of Bitcoin’s potential to bring prosperity and economic freedom to the people of El Salvador in real time.
Bitcoin education in El Salvador
One of the most noteworthy developments in El Salvador is the widespread initiative to incorporate Bitcoin education into the country’s public schools by 2024.
The non-governmental organization (NGO) “Mi Primer Bitcoin,” responsible for the “My First Bitcoin” initiative, has entered into a partnership with the Ministry of Education. The goal is to educate 150 public school teachers about Bitcoin and cryptocurrencies.
Once these teachers acquire a fundamental understanding of BTC, including its advantages and risks, they will be empowered to pass this knowledge on to their students.
— Bitcoin Magazine (@BitcoinMagazine) September 4, 2023
The overarching aim is for students to graduate from high school well-versed in Bitcoin, its underlying technology, and the intricacies of digital finance and economics.
In August, Bitcoin enthusiasts in El Salvador initiated a program teaching 12-year-old students how to send satoshis, or’sats,’ which are fractions of a bitcoin. More than 25,000 students across the country have already had the opportunity to learn about Bitcoin directly in their classrooms.
The Emergence of Bitcoin City’s First Resident
El Salvador’s ambitious Bitcoin City project, designed to become a hub for Bitcoin enthusiasts, both domestic and international, has also gained momentum. Notably, Corbin Keegan, an American Bitcoin enthusiast, has become the first international resident of Bitcoin City.
Keegan, who relocated to one of Conchagua’s scenic beaches in La Unión, expressed his eagerness to embrace Bitcoin’s implementation early and his curiosity about the city’s development project.
He firmly believes that Bitcoin City will eventually become the best city on Earth, surpassing even the most optimistic expectations.
In his own words, “I believe this place will become the best city on planet Earth, and it will be better than some can imagine. I am the first bitcoiner to arrive here, but I know there are many in El Zonte beach, and I came here because of all the places I have seen in El Salvador, this was my favourite and it is the most perfect place for what is to come.”