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Thursday, Sep 29, 2022

El Salvador Plans To Build A Pet Hospital With Their Bitcoin Gains

El Salvador Plans To Build A Pet Hospital With Their Bitcoin Gains

According to President Nayib Bukele, El Salvador will use some of the country’s $4 million profit from its Bitcoin investment to build a pet hospital.

After Bitcoin’s recent price jump, the president of El Salvador Nayib Bukele announced on Twitter that he was going to use the proceeds of his country’s BTC investment to build a large scale pet hospital.

The president’s tweet came along with other posts referencing Bitcoin, a warning about the imminent financial crisis, a stab at his opponents who are very silent now that the country is in profit and several retweets of other media outlets.

The video attached to the tweet rendered of what the hospital would look like, clarifying that he was not selling any of the 700 BTC acquired for a national trust created to facilitate the immediate conversion between BTC and USD for Chivo Wallet users.

In a series of tweets in Spanish, Bukele further explained his idea. The hospital will be pretty big and will feature hair salons, offices, classrooms, and an auditorium in addition to medical facilities such as consulting rooms, operating rooms, rehabilitation, hospitalization, and quarantine rooms.

Bukele estimates that the hospital will be able to handle 384 consultations, more than 100 emergencies, 64 surgeries, and 32 X-rays every day.

All this is possible because the rise of Bitcoin left the country with a $4 million surplus in the Bitcoin Fund. Bukele decided to use a portion of his profits to construct this massive infrastructure.

Mixed Reactions to El Salvador’s Bitcoin Adoption

Since the president announced that El Salvador would adopt Bitcoin as legal tender, reactions worldwide were very mixed.

Major figures in crypto such as Ethereum co-founder Vitalik Buterin and renowned institutions including the World Bank, the International Monetary Fund and the leading credit rating agencies have all criticized the way El Salvador’s way to use Bitcoin.

On the other side of the coin, Bitcoin proponents claim that the president is a pioneer and praised the move on the premise that it will eventually be good for Bitcoin and the country.

Source: El Salvador Plans To Build A Pet Hospital With Their Bitcoin Gains –


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