El Salvador to use bitcoin gains to fund veterinary hospital

  • October 10, 2021
  • 0
  • 6 Views

SAN SALVADOR — El Salvador will invest some of the $4-million gains it has obtained from its bitcoin operations to build a veterinary hospital, President Nayib Bukele said on Saturday.

Bitcoin lost almost 10% of its value on Sept. 9, after the Central American nation became the first worldwide to authorize the cryptocurrency as legal tender. But it has surged more than 30% in the past week to its highest levels since May.

The Bitcoin Trust, which Congress authorized in August, with a balance of $150 million, now has a “surplus” of $4 million, Mr. Bukele said. “So we decided to invest a part of that money in this: a veterinary hospital for our furry friends,” Mr. Bukele wrote on Twitter.

Mr. Bukele said the veterinary hospital would services for basic and emergency care as well as rehabilitation. — Reuters