EL Salvador has been gaining immense traction among crypto enthusiasts ever since they legalized Bitcoin as legal tender. Their young and tech-savvy president, Nayib Bukele is making headlines as a proponent of cryptocurrency. Now, he’s saying that the government will plan a new veterinary hospital using the profits they get from Bitcoin. On Twitter, he shared a video that showed a virtual model of the hospital he’s planned.
In September, the country was the first in the world to make Bitcoin legal tender, along with the USD. Around last month, El Salvador purchased around 700 Bitcoin tokens worth around $31 million. Now, they’re looking to use a part of the crypto proceeds, which are worth $4 million, to fund a great hospital with an expansive interior and roof.
The president stated that Bitcoin is good for pets. So far, the video posted on Twitter has gained views in the hundreds of thousands. This means that the idea is gaining traction among the public. In a Twitter thread, he outlined his plan to build a pet hospital using profits from BTC.
He later explained that the country isn’t selling any Bitcoin, clarifying that they’re using the USD part. Now, the BTC portion is worth much more than initially, when the trust was first founded. This comes after EL Salvador’s overzealous moves to incorporate crypto as a part of life for their citizens.
In August, the country’s congress approved funding worth $150 million to allow conversions from Bitcoin to USD. Then, in September, Bitcoin’s value dropped by almost ten percent, which is around the time that El Salvador introduced crypto to the population. Nevertheless, it was able to make up for losses soon after. In the past week, Bitcoin’s value has surged over 30 percent, with the flagship cryptocurrency reaching its highest peak since May.
As of now, the trust holds a surplus of $4 million, and the President intends to use this money to build the pet hospital. This comes as no surprise as the president has been a notable figure in voicing his interest in Bitcoin. In his opinion, it will improve the country’s economic and financial systems. But this is a lot to ask from a country where, up until 2017, a majority of the population didn’t opt for any banking services, based on figures by Statista.
One of the controversial laws was that business owners would have to accept consumers’ crypto if they want to use it to pay for their goods. The public was of the opinion that this was unfair to business owners, who may not have the resources to process such payments.