Crypto For Animals: El Salvador President Plans To Build Pet Hospital With Bitcoin Profits.
El Salvador’s President Nayib Bukele has said that his government will finance a new veterinary hospital with the proceeds made from Bitcoin.
He also shared a video on Twitter showing a virtual model of the planned hospital. El Salvador became the first country in the world to adopt Bitcoin as legal tender in September, along with the US dollar.
At the end of last month, the country bought 700 Bitcoins, worth roughly $ 31 million (approximately Rs 233 million).
The Central American country will use a portion of the $ 4 million (roughly Rs. 30 crore) that Bitcoin raises to fund the opulent hospital with spacious interiors and grass on the roof. “Bitcoin is good for pets,” said President Bukele.
The video has received more than 7.8 billion views so far. “Let’s start building this pet hospital with our BTC profits,” the president said, while outlining his plans in a Twitter thread.
“By the way, we were not selling BTC; instead, we use the USD portion of the trust, because the BTC portion is now worth more than when the trust was founded, ”he explained.
In August, the Congress of El Salvador approved funding of $ 150 million (approximately Rs. 1,128 million rupees) to facilitate conversions from Bitcoin to US dollars.
Bitcoin had lost nearly 10 percent of its value in September, around the day the Central American country began rolling out the cryptocurrency for its population. But it made up for losses in the days after and has risen more than 30 percent last week to its highest levels since May.
The trust now has a “surplus” of $ 4 million. President Bukele wants to use this profit to build the hospital. From the beginning, President Bukele has been a huge devotee of Bitcoin, saying it will help improve the financial and economic systems of the country, where nearly two-thirds of the adult population were unbanked until 2017, according to Statista.
Recently, El Salvador started mining Bitcoin using volcanic energy. The move was a welcome step in addressing some climate concerns about cryptocurrency mining activities.
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