The president of El Salvador said on Saturday that the country will use the profits from its Bitcoin investment to build an “animal hospital.”
El Salvador has already made a lot of profit from its Bitcoin investment
President Nayib Bukele, who made Bitcoin legal tender in the country on September 7, wrote on Twitter that the country’s Bitcoin Trust had a surplus of $4 million. This is due to the price increase of the crypto currency.
Bitcoin is up 16% in the past week alone. Today the exchange rate stands at $56,400. That’s the highest value since May 2021. Bukele said the profits will be invested in an “animal hospital.” He posted a computer-generated video of the upcoming project. He wrote the following on twitter:
By the way, we do not sell Bitcoin. We use the trust’s dollars as it is currently worth more Bitcoin than when the trust was established
Así que decidimos invertir una parte de ese dinero and esto:
UN HOSPITAL VETERINARIO para todos nuestros peluditos. Que incluira:
12 Consultorios basicos
4 Consultorios de emergencia
area of rehabilitation
— Nayib Bukele 🇸🇻 (@nayibbukele) October 10, 2021
The government of El Salvador has a Bitcoin trust to facilitate transactions between US dollars and the asset.
El Salvador as a pioneer
Bukele said the animal hospital will be able to treat 384 consultations and 128 emergencies per day.
El Salvador is the first country in the world to use Bitcoin as legal tender. The law was Bukele’s idea and has been both praised and criticized. The country has a state wallet called Chivo that citizens can download to make everyday transactions. Those who use it will be rewarded with $30 in Bitcoin.
Bukele used to be very popular in El Salvador, mainly because crime has fallen in the country since he came to power. El Salvador is one of the most murderous nations in the world. But his new Bitcoin law has been divisive. Last month, thousands of Salvadorans took to the streets to protest his increasingly authoritarianism and the Bitcoin law.
Sections of the crypto community, especially those heavily involved in Bitcoin, have praised Bukele for the new law. On the other hand, institutions like the World Bank have said it will be difficult to implement.
Not everyone in the crypto community loves Bukele. Vitalik Buterin, the co-founder of Ethereum, said last Friday that President Bukele should not be praised by the crypto community.
“The tactic of simultaneously pushing Bitcoin to millions of people in El Salvador with almost no prior education is reckless, and risks a large number of innocent people being hacked or scammed,” he wrote on Reddit.