El Salvador made history when President Nayib Bukele made Bitcoin a legal tender in 2021, giving it recognition as equal to the country’s official currency.
El Salvador has already built a Bitcoin reserve worth about $630 million and set up one of the best crypto regulations. The country also announced plans to issue $1 billion in bitcoin-backed bonds and even convinced the stablecoin company Tether to move its headquarters to the country.
Stacy Herbert, the director of the country’s Bitcoin Office, says that one of El Savador’s biggest successes has been its Bitcoin-fused education program.
Herbert said that the country needs bitcoin engineers and they are training them, which takes time. She also mentioned, “They graduate, they get jobs, they all become friends. … You can feel a tech vibe emerging in San Salvador.” She explained that when big companies like Tether or Bitfinex move to El Salvador, they won’t have trouble finding skilled workers to run their operations.
Many stunned are finding plenty of job opportunities because there is high demand for them, says Herbert. The quality of Bitcoin education attracts more companies to set up there, encouraging more students to study Bitcoin.
Bitcoin Education and Its Impact
Herbert is a longtime bitcoiner and moved to El Salvador in 2021. She also launched the CUBO+ program to train Bitcoin developers and was appointed to run the Bitcoin Office in 2022. The Bitcoin Office advises on the policy and marketing of Bitcoin in El Salvador.
One of Herber’s key projects was bringing Bitcoin education to high schools, starting with five schools, and now it spread nationwide. Students learn to set up Bitcoin nodes and use ASICs, which helps them understand Bitcoin better.
Herbert shared that 100% of students from the first year found jobs, with some earning nearly $4,000 a month, while the average starting salary for computer science graduates in El Salvador was only $600 a month in 2023.
Almost 80,000 government workers have also completed a three-day Bitcoin certification course. Additionally, a new program on AI and robotics will be introduced in schools for kids from first to ninth grade. Herbert said these programs are building a strong foundation for a better economy, helping students understand Bitcoin and the importance of sovereignty and independence.
CUBO+ has also been a success for Herbert personally, as three of her employees at the Bitcoin Office graduated from the program before joining the government.
The Salvadoran government recently decided to end its Bitcoin wallet and make Bitcoin payment optional in business as part of a $3.5 billion deal with the IMF. Herbert said the Bitcoin Office wasn’t involved in the talks but believes the changes won’t harm the country, emphasizing that the priority is always the people while maintaining sovereignty.
Even with these changes, El Salvador hasn’t stopped its Bitcoin strategy. The government continues to buy one bitcoin a day and has made large purchases, adding 10 bitcoins on three occasions. Herbert mentioned that President Bukele is ready to speed up progress and is preparing El Salvador for global leadership in Bitcoin.
Herbert believes El Salvador has already made history as the first country with a national Bitcoin reserve. She thinks the U.S. may eventually follow, but it will be copying El Salvador’s example.
Under President Bukele’s leadership and Bitcoin initiatives, El Salvador is changing its future. Herbert reflects on the country’s past of political instability but says the Bitcoin shift brings optimism for better times ahead. “I think El Salvador deserves the good times that are coming,” she said. “We’re just beginning these good times.”
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