Crypto for Animals: President of El Salvador plans to build pet hospital with profits from Bitcoin

Salvadoran President Nayib Bukele has said his government will fund a new veterinary hospital with profits made from Bitcoin. He also shared a video on Twitter that showed a virtual model of the planned hospital. El Salvador became the first country in the world in September to adopt Bitcoin as legal tender, alongside the US dollar. At the end of last month, the country bought 700 Bitcoins, worth around $ 31 million (around Rs. 233 crore). The Central American country will use part of the $ 4 million (around Rs. 30 crore) in Bitcoin to fund the opulent hospital with spacious interiors and grass on the roof.

“Bitcoin is good for pets,” President Bukele said. The video has received over 7.8 lakh views so far. “We’re going to start building this pet hospital with our BTC profits,” the president said, as he outlined his plans in a Twitter thread.

“By the way, we don’t sell any BTC; instead, we use the USD part of the trust, because the BTC part is now worth more than when the trust was founded, ”he explained.

In August, the Salvadoran Congress approved funding of $ 150 million (approximately Rs. 1,128 crore) to facilitate conversions from Bitcoin to US dollars. Bitcoin had lost nearly 10% of its value by September, the day the Central American country began rolling out the cryptocurrency to its people. But it made up for the losses in the days that followed and jumped more than 30% 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 start, President Bukele has been a strong supporter of Bitcoin, saying it will help improve the financial and economic systems of the country where nearly two-thirds of the adult population was unbanked until 2017, according to Statista.

Recently, El Salvador has started mining Bitcoin using volcanic energy. The move was a welcome step in addressing some concerns about climate concerns regarding cryptocurrency mining activities.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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