Summary:
El Salvador declared bitcoin as legal tender in 2021, establishing a bitcoin reserve worth $630 million.
The Bitcoin education program is creating a positive feedback loop, producing skilled Bitcoin engineers.
The CUBO+ program trains developers, with 100% job placement for inaugural students earning up to $4,000/month.
Around 80,000 civil servants have completed Bitcoin certification courses.
The government adapts its bitcoin acquisition strategy amidst a $3.5 billion IMF deal.
El Salvador’s Secret Weapon? Its Extensive Bitcoin Education Program, Says Stacy Herbert
A positive feedback loop is being created between El Salvador’s bitcoin education programs and crypto companies looking for a friendly jurisdiction.
El Salvador made headlines in 2021 when President Nayib Bukele declared bitcoin (BTC) as legal tender, placing it on par with the U.S. dollar. Since then, the nation has established a bitcoin reserve worth approximately $630 million, created one of the most advanced crypto regulatory frameworks globally, and even attracted Tether to relocate its headquarters there.
One of the standout successes has been the extensive Bitcoin education program led by Stacy Herbert, director of El Salvador’s Bitcoin Office. Herbert emphasizes the need for Bitcoin engineers: "We're producing them, and it’s a long manufacturing process, but it’s creating a wonderful positive feedback loop."
The Growing Demand for Bitcoin Professionals
As companies like Tether and Bitfinex consider opening offices in El Salvador, the educated workforce is pivotal. Herbert notes, "A lot of students are finding ample opportunity to work at these companies because there's huge demand for them."
Herbert believes this educational initiative will continue to attract firms, further motivating students to pursue careers in Bitcoin. President Bukele envisions a renaissance for El Salvador, aiming to cultivate a talent pool of bright and optimistic individuals.
CUBO+: Training the Next Generation of Bitcoin Developers
Herbert, a seasoned advocate for Bitcoin, initiated the CUBO+ program shortly after arriving in El Salvador in 2021. This program trains Bitcoin developers and has expanded from five initial high schools to a nationwide initiative. Students learn to set up Bitcoin and Lightning Network nodes and gain hands-on experience with ASICs (specialized computers for bitcoin mining).
The program also runs an intense bootcamp that covers Bitcoin theory, history, and philosophy, offering university credits. In its inaugural year, 100% of students found jobs, with some earning nearly $4,000 a month, significantly higher than the average starting salary for computer science graduates in the country.
Laying the Foundation for a Strong Economy
Approximately 80,000 civil servants have completed three-day Bitcoin certification courses. Plans are underway to introduce programs on AI and robotics for younger students. Herbert states, "We’re laying the foundation upon which we can build a great economy. It’s not just the technical details of Bitcoin; it's a mindset shift to understand what sovereignty and independence mean."
Navigating Challenges and Opportunities
Recently, the Salvadoran government agreed to wind down its Bitcoin wallet and make Bitcoin payment acceptance voluntary in the private sector as part of a $3.5 billion deal with the IMF. Herbert, however, believes these changes do not undermine El Salvador's commitment to its people and its vision. The government continues to adjust its bitcoin acquisition strategy, purchasing additional bitcoins to maintain its momentum.
Herbert asserts that El Salvador has already secured its place in history with its strategic Bitcoin reserve, and other nations will need to catch up to its initiatives. The combination of Bukele’s leadership and Bitcoin initiatives is transforming the nation's outlook, bringing excitement for the future.
"I think El Salvador deserves the good times that are coming — that are here," Herbert concludes. "We're just starting these good times."
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