El Salvador to use Bitcoin profits to build veterinary hospital

The country's president, Nayib Bukele, said funding for the animal hospital will be taken from its Bitcoin trust

El Salvador will use part of its $4m Bitcoin profit surplus to build a veterinary hospital.

The country’s leader – President Nayib Bukele – announced the move on Twitter, explaining the new animal hospital will be able to respond to 128 emergencies, perform 64 surgeries, and handle almost 400 appointments a day.

The funding will be supplied by El Salvador’s Bitcoin Trust which is under the control of Chivo – a state-owned company. Chivo is also the name of the commission-free wallet app that allows Salvadorans to make digital payments through US dollars and Bitcoin.

Chivo is able to clear out the $4m surplus in the trust without affecting the total amount, which allows the country to keep the same amount of Bitcoin.

El Salvador last bought Bitcoin on September 20 during a dip when the nation added 150 BTC to its coffers. El Salvador currently possesses 700 Bitcoin.

Bukele criticisms

While Bukele has expressed his excitement over plans for the veterinary hospital, it hasn’t been without critics.

Some Salvadorans have taken issue with the use of Bitcoin profits, arguing that investment into existing medical facilities should be a priority.

Vitalik Buterin, co-founder of Ethereum, has also slammed President Bukele on adopting Bitcoin as legal tender, saying it goes against everything cryptocurrency stands for.

“Making it mandatory for businesses to accept a specific cryptocurrency is contrary to the ideals of freedom that are supposed to be so important to the crypto space,” Buterin said.






Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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