A new veterinary hospital in San Salvador will be built thanks to a $4 million profit that the nation made from its Bitcoin holdings, according to Salvadoran President Nayib Bukele, who revealed intentions to spend a portion of the earnings from the crypto holdings for the development.
In a tweet sent on October 10, Bukele disclosed that El Salvador’s state-run Bitcoin trust now has $4 million in earnings derived from the country’s recent adoption of Bitcoin.
Bukele said that a portion of the money would be used to build a veterinary hospital that will have four operating rooms, four emergency clinics, nearly twenty office spaces, and a rehabilitation centre.
“In order to better serve our animal companions, we decided to spend a portion of that money in this veterinary facility,” he explained.
According to Bukele, each day, the institution will strive to conduct up to sixty operations, react to more than 120 emergencies, and attend to almost 400 regular visits.
He even shared a computer-generated ‘mock-up’ of the hospital on his social media to demonstrate how the facility would look once completed.
Mixed Response Accepted By Bukele
The announcement was greeted with a range of responses on social media, with several Salvadorans proposing other uses for the country’s cryptocurrency earnings in response.
Many commenters expressed that it would be better if the money were invested in improving the existing medical facilities across the country.
Others have criticised the administration for not making significant investments in infrastructure outside of the country’s capital.
The announcement comes at a time when Bitcoin’s market value has just surpassed $1 trillion for the first time since May 2021, with BTC rising almost 20% from $47,000 to more than 55,000 last week.
Bitcoin As Legal Currency in El Salvador
El Salvador became the first nation in the world last month to formally recognise a cryptocurrency as its legal tender, making it the first in the world to do so.
Even in light of the upbeat message pushed by government authorities and the media, the acknowledged truth of the situation is much more contentious than the rosy marketing campaign.
Several demonstrations occurred in El Salvador after the approval and implementation of the country’s official classification of Bitcoin as a lawful form of payment.
Media reports linking the riots to the government’s decision to accept Bitcoin as a form of payment said that this decision was taken because some believed that allowing Bitcoin to be used as legal tender will bring instability and inflation to the developing Latin American nation.
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