TL; DR Ventilation
- El Salvador will use the profits from the BTC for a veterinary hospital.
- The country made a profit of $ 4 million on BTC investments during the market surge.
- The crypto community criticizes Bukele for the Bitcoin law.
Nayib Bukele, President of El Salvador, said the country will use the profits from its Bitcoin holdings to build a veterinary hospital.
According to the president, the country’s Bitcoin Trust had a surplus of $ 4 million due to the cryptocurrency price spike. The Bitcoin Trust, which Congress authorized in August, with a balance of $ 150 million, now has a “surplus” of $ 4 million, Bukele said.
“So we decided to invest some of that money in this: a veterinary hospital for our furry friends,” Bukele said. wrote on Twitter.
Bitcoin has jumped 16.7% in the past seven days and was trading at $ 57,391 (CoinGecko) at the time of writing, its highest value since May.
The president said the veterinary hospital would provide basic and emergency care as well as rehabilitation. He added that the pet hospital could attend 384 consultations and 128 emergencies.
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.
While progress has been made since the adoption as the government attempts to integrate BTC into the daily lives of Salvadorans, members of the crypto community are also criticizing Bukele for adopting Bitcoin.
Vitalik Buterin, the co-founder of Ethereum, the second largest cryptocurrency by market cap, said on Friday that President Bukele “should not be congratulated by [the] crypto community.
“This tactic of pushing BTC to millions of people in El Salvador at the same time without almost any attempt at prior education is reckless and risks having a large number of innocent people hacked or scammed,” he wrote on Reddit. .
Before Buterin, a series of protests rocked the country as locals, many against the law, took to the streets to express their contempt for the Bitcoin law.