Crypto for Animals: El Salvador President Plans to Build Pet Hospital With Bitcoin Profits

El Salvador’s President, Nayib Bukele, has stated that Bitcoin revenues will be used to build a new veterinary hospital. On Twitter, he also posted a video showing a virtual model of the proposed hospital. In September, El Salvador became the first country in the world to recognize Bitcoin as legal money alongside the US dollar.

The nation purchased 700 Bitcoins for $31 million late last month (roughly Rs. 233 crores). The Central American government will utilize a portion of the $4 million in Bitcoin earnings (approximately Rs. 30 crores) to construct the luxurious hospital, which will have wide interiors and grass on the top.

President Bukele stated, “Bitcoin is excellent for pets.” So far, the video has got over 7.8 lakh views. “We’ll start building this pet hospital with our BTC revenues,” the president stated in a Twitter thread outlining his ambitions.

“By the way, we’re not selling any BTC; instead, we’re utilizing the USD component of the trust,” he added, “since the BTC portion is now worth more than when the trust was established.”

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The El Salvadoran Congress authorized $150 million (approximately Rs. 1,128 crores) in financing in August to allow Bitcoin to US currency transfers. In September, around the time the Central American government began rolling out the cryptocurrency to its citizens, Bitcoin had lost about 10% of its value. However, it recovered its losses in the days following, rising more than 30% in the last week to its best levels since May.

The trust now has a $4 million “surplus.” President Bukele wants to use the money toward constructing the hospital.

President Bukele has been a staunch supporter of Bitcoin from the start, claiming that it will assist strengthen the country’s financial and economic institutions. According to Statista, over two-thirds of the adult population was unbanked in 2017.

El Salvador has just begun mining Bitcoin with the help of volcanic energy. The action was a positive start toward addressing certain worries about cryptocurrency mining’s impact on the environment.