Economy

El Salvador to use bitcoin gains to fund veterinary hospital, says Bukele

The Central American nation will invest some of the $4 million gains it has obtained from its bitcoin operations to build a veterinary hospital

Nayib Armando Bukele Ortez, current president of El Salvador Photo: Reuters/ Jose Cabezas

El Salvador will invest some of the $4 million gains it has obtained from its bitcoin operations to build a veterinary hospital, President Nayib Bukele said on Saturday.

Bitcoin lost almost 10% of its value on September 9, after the El Salvador became the first worldwide to authorize the cryptocurrency as legal tender. But it has surged more than 30% in the past week to its highest levels since May.

READ ALSO: Ariel Palacios:The millennial that expands its authoritarian base and wants to “bitcoinize” El Salvador

The Bitcoin Trust, which Congress authorized in August, with a balance of $150 million, now has a “surplus” of $4 million, Bukele said.

“So we decided to invest a part of that money in this: a veterinary hospital for our furry friends,” wrote on Twitter the president of the Central American nation.

Bukele said the veterinary hospital would services for basic and emergency care as well as rehabilitation.

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