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El Salvador to use bitcoin gains to fund veterinary hospital, president says

Published 10/10/2021, 05:19
Updated 10/10/2021, 05:21
© Reuters. FILE PHOTO: A man stand next to a sign reading "Bitcoin accepted here", outside a moto reapair shop where the cryptocurrency is accepted as a payment method, in Aguilares, El Salvador October 6, 2021. Picture taken October 6, 2021. REUTERS/Jose Cabezas/Fi

© Reuters. FILE PHOTO: A man stand next to a sign reading "Bitcoin accepted here", outside a moto reapair shop where the cryptocurrency is accepted as a payment method, in Aguilares, El Salvador October 6, 2021. Picture taken October 6, 2021. REUTERS/Jose Cabezas/Fi

By Nelson Renteria

SAN SALVADOR (Reuters) - El Salvador will invest some of the $4 million gains it has obtained from its bitcoin operations to build a veterinary hospital, President Nayib Bukele said on Saturday.

Bitcoin lost almost 10% of its value on Sept. 9, after the Central American nation became the first worldwide to authorize the cryptocurrency as legal tender https://www.reuters.com/technology/one-month-el-salvadors-bitcoin-use-grows-headaches-persist-2021-10-07. But it has surged more than 30% in the past week to its highest levels since May.

The Bitcoin Trust, which Congress authorized in August, with a balance of $150 million, now has a "surplus" of $4 million, Bukele said.

© Reuters. FILE PHOTO: A man stand next to a sign reading

"So we decided to invest a part of that money in this: a veterinary hospital for our furry friends," Bukele wrote on Twitter (NYSE:TWTR).

Bukele said the veterinary hospital would services for basic and emergency care as well as rehabilitation.

Latest comments

O K.So over 30% of the population is living in ruins - sleeping on the ground and no sanitation, but the gov is going to burn 4mil - on animals?I’m no animal hater, but surely invest in the people first?This just seems like weird cuddly spin for btc
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