El Salvador will construct a $4 million veterinary hospital with proceeds from a Bitcoin trust
President Nayib Bukele of El Salvador stated that no Bitcoin will be sold to fund the investment, instead, the state will use USD from its Bitcoin trust
Salvadoran President Nayib Bukele has announced plans to invest a portion of the country’s $4 million profit from Bitcoin holdings in the construction of a new veterinary hospital in the capital city of San Salvador.
On Oct. 10, Bukele revealed on Twitter that El Salvador’s state-run Bitcoin trust currently holds $4 million in profits from the country’s recent Bitcoin adoption.
Bukele stated that a portion of the funds will be used to build a veterinary hospital that will include four operating rooms, four emergency clinics, 19 offices, and a rehabilitation area. “We chose to invest a portion of that money in this: a veterinary hospital for our four-legged companions,” he explained.
Bukele added that the facility will aim to perform 64 surgeries per day, respond to 128 emergencies, and see nearly 400 general appointments, and will share a computer-generated mock-up of the hospital on social media.
On Twitter, the news elicited a range of reactions, with many Salvadorans suggesting alternative uses for the country’s cryptocurrency profits.
According to a rough translation, Twitter user Norma De Serrano stated that it would be better to invest the money in improving the country’s existing medical facilities, emphasizing that many hospitals and health units “need to be improved” — a sentiment shared by many other commenters.
Others chastised the government for its failure to invest in infrastructure outside the capital. The announcement comes as Bitcoin’s market capitalization recently surpassed $1 trillion for the first time since May, with BTC rallying nearly 20% in the last week, from $47,000 to more than 55,000.
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