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

by Mike Robinson

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© Reuters. FILE PHOTO A man stands next to a sign that reads “Bitcoin Accepted Here” outside of a moto repair shop in Aguilares (El Salvador), October 6, 2021. Picture taken October 6, 2021. REUTERS/Jose Cabezas/Fi

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Nelson Renteria

SAN SALVADOR, (Reuters) – El Salvador plans to use some of its $4 million profits from bitcoin transactions for the construction of a veterinary hospital. President Nayib Bukele announced Saturday.

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. However, it rose more than 30 percent in the last week to reach its highest level since May.

Bukele explained that the Bitcoin Trust, authorized by Congress on August 31st, has now a $4 million “surplus”.

Bukele tweeted, “So we decided that we invested a portion of that money into this: A veterinary clinic for our furry friend,” (NYSE:).

Bukele indicated that the new veterinary hospital would provide services for both basic and emergency care.

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