Salvadoran crypto-enthusiast president says country will spend $4 million of its bitcoin on pet hospital | Currency News | Financial and business news

Dog at the vets

Salvadoran President Nayib Bukele said over the weekend that the country would use part of its bitcoin earnings to fund a new veterinary hospital.

President tweeted a video on Sunday of a model of the pet hospital he planned to build using profits from the 700 bitcoins his country bought in late September, worth around $31 million at the era.

The Central American country, which adopted bitcoin as legal tender last month, will use $4 million of the profits it made from its bitcoin holdings to fund the construction of a white, airy hospital for animals pet with grass lining its roof.

“Bitcoin is good for pets,” Bukele said in a Tweeter who followed the thread on the lavish building.

Tweet from Nayib Bukele Pet Hospital
Tweet from Nayib Bukele Pet Hospital

“By the way, we don’t sell any #BTC, we use the USD part of the trust, since the #BTC part is now worth more than when the trust was established,” Bukele said.

Bukele lobbied for bitcoin to be accepted as legal tender to help strengthen the country’s financial and economic systems, given that most of its citizens were unbanked. In El Salvador, 70% of the adult population did not have a bank account in 2017, according to data from Statistical.

Investing in crypto isn’t the only part of El Salvador’s bitcoin project, as the country recently started mining the coins using clean energy powered by the volcano.

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