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Saturday, June 25, 2022

El Salvador to build $4M veterinary hospital using profits from Bitcoin holdings

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Salvadoran President Nayib Bukele has announced plans to invest part of the $4 million worth of profits from its Bitcoin (BTC) holdings to invest into constructing a new hospital for animals in the local capital of San Salvador.

Bukele revealed that El Salvador’s state-operated Bitcoin trust currently holds $4 million worth of profits gathered from its recent Bitcoin embrace.

 He stated, “With the same amount of USD and BTC in the trust, now the trust is worth more since the Bitcoin went up in value. So now, FIDEBITCOIN has a ‘surplus’ of $4 million. Therefore, the state company Chivo can dispose of 4 million dollars, without affecting the amount of the trust. This is done by keeping the same amount of BTC, even if the amount of USD is reduced. So we can invest $4 million in a project.”

Bukele announced on twitter that part of the funds will be invested into constructing hospital for animals featuring 12 basics offices, 4 operating rooms, 4 emergency clinics, 19 offices,  rehabilitation area, isolations, Hospitalizations, Recovery.

Bukele added the facility will aim to be able to perform 64 surgeries, respond to 128 emergencies, and tend to nearly 400 general appointments daily, sharing a computer-generated mock-up of the hospital to social media.

After the announcement on Twitter, have mixed reaction, many Salvadorans suggesting alternative uses for the country’s crypto profits. Many people criticized the Salvador government for failing to invest in infrastructure outside of the country’s capital.

Twitter user Norma De Serrano said it would be better for the money to be invested in improving the existing medical facilities across the country, emphasizing that many hospitals and health units “need to be improved” — with many other commenters expressing similar concerns.

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