Crypto for animals: The President of El Salvador plans to build a veterinary clinic with Bitcoin profit

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The President of El Salvador, Nayib Bukele, has announced that his government will use the profits from Bitcoin to fund a new animal hospital. He also shared a video on Twitter showing a virtual model of the planned hospital. In September, El Salvador became the first country in the world to introduce Bitcoin as legal tender alongside the US dollar. Late last month, the country bought 700 bitcoins worth approximately $ 31 million (roughly 233 billion rupees). The Central American country will use a portion of the $ 4 million (roughly Rs 30 billion) Bitcoin proceeds 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 lakh views so far. “We will start building this veterinary clinic with our BTC profits,” said the president as he outlined his plans on a Twitter thread.

We will start building this veterinary clinic with our #BTC profit. pic.twitter.com/ontf9xiZJT

– Nayib Bukele ????????? (@nayibbukele) October 10, 2021

“By the way, we don’t sell BTC; Instead, we are using the USD portion of the trust as the BTC portion is now worth more than it was when the trust was created, ”he explained

BTW, we don’t sell #BTC, we use the USD portion of the trust as the # BTC portion is now worth more than it was when the trust was created.

– Nayib Bukele ????????? (@nayibbukele) October 10, 2021

In August, El Salvador’s Congress approved a $ 150 million (approximately Rs 1,128 billion) funding to facilitate the conversion of bitcoin to US dollars. Bitcoin had lost nearly 10 percent of its value in September, roughly the day the Central American country began introducing cryptocurrency to its population. But it made up for the losses in the days after, climbing more than 30 percent in the past week to its highest level since May.

The trust now has a “surplus” of $ 4 million. President Bukele wants to use this profit to build the hospital.

From the start, President Bukele was a strong proponent of Bitcoin, saying it would help improve the financial and economic systems of the country, where almost two-thirds of the adult population had no bank accounts by 2017, according to Statista.

Recently, El Salvador began mining bitcoin using volcanic energy. The move was a welcome move in addressing some of the climate concerns surrounding cryptocurrency mining activities.

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