• 1 The inaugural session of the BTC and Lighting Developer course will start in May 2023.
• 2  The Plan-B fellowship is sponsored by Tether and Fulgur Ventures collectively. 

The government of El Salvador has launched a new Bitcoin initiative by launching a Bitcoin and Lightning Network course backed by Salvadoran University. The program will likely begin in May 2023 and will comprise a small group of students selected from the to[p university based in the country. 

The inaugural batch of students will be invited from Don Bosco University to participate in Plan- B Fellowship, specifically sponsored by Fulgur Ventures and Tether. The project was started after an agreement between El Salvador and Lugano, Switzerland, for the world’s first Bitcoin Embassy in a Swiss city.

The training program will be conducted online and last for two months; after completing the course, an in-person boot camp will be organized for two weeks. The remaining months will comprise immediate mentorship with some well-known personalities in Bitcoin.

The El Salvadoran government announced that it had accepted Bitcoin as a legal tender in September 2021. The Central American University surveyed in October 2022, finding that over 75% of Salvadorans believe that Bitcoin adoption was not advantageous for them.

El Salvador Bitcoin Adoption and Holding Overview 

As per data, El Salvador purchased 2,546 BTC for $108,264,966 at press time total holdings valued at $69 million. Nayib Bukele, El Salvador president heading the office for the last four years, went against the International Monetary Fund while adopting Bitcoin as a legal tender in 2021. 

Adopting the largest cryptocurrency by market cap would have made it easier for expatriates to transfer remittances to relatives. Bitcoin transactions are relatively inexpensive. The president claimed that $400 million would be saved in remittance commission annually.

While many people are complementing El Salvador and President Bukele for thinking about the future, a vast population criticizes their ideological optimism for the future of Bitcoin.

FTX’s Unprecedented collapse in November 2022 triggered the overall crypto market crash. Every crypto identity suffered its refractions. Leading crypto assets such as Bitcoin and Ethereum suffered a steep price decline. However, they are now reviving. The debacle involves that FTX has triggered a slide in cryptocurrency prices that wiped out some $183 Billion of value from digital assets in November 2022. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.