El Salvador will use BTC profits to build a pet hospital with many criticizing that the president has a crazy idea to spend the BTC so let’s read more in our latest Bitcoin news today.
El Salvador’s president said that the government booked $4 million in Bitcoin profits and it seems that he will use the funds to build a “pet hospital.” Bukele told his nation that he will use the profits made from Bitcoin to build a pet hospital. President Nayib Bukele made BTC A legal tender in the country back in September and now he wrote that the country’s BTC trust had a surplus of $4 million dollars because of the surging price of the cryptocurrency. BTC increased 15.6% in the past week alone and is now trading for $55,274 which is the highest value since May.
Por lo tanto, la empresa estatal Chivo puede disponer de 4 millones de dólares, sin afectar el monto del fideicomiso.
Esto se hace manteniendo la misma cantidad de #BTC, aunque se reduzca la cantidad de USD.
Por lo que podemos invertir 4 millones de dólares en algún proyecto.
— Nayib Bukele 🇸🇻 (@nayibbukele) October 10, 2021
Bukele said that El Salvador will use BTC profits to build a “pet hospital” and even posted a computer-generated video of the project:
“By the way, we’re not selling any #BTC, we are using the USD part of the trust, since the #BTC part is now worth more than when the trust was established.”
The idea of the government initially was to surpass the sanctions imposed by the United States which is why they wanted Bitcoin in the first place. They aimed for their BTC trust to facilitate transactions between US Dollars and the asset. El Salvador uses the US dollar but now businesses are obliged to accept Bitcoin as payments If they have the technological means because Bukele brought a new law. Bukele added that the pet hospital will be able to attend 128 emergencies and 384 consultations. El Salvador is the first country in the world to make Bitcoin a legal tender and the president got quite the criticism from the international community, aside from the small group of people that praised him.
The country has a state wallet dubbed Chivo which the citizens can download and make daily transactions. Those that will use the wallet will get a reward of $30 in BTC. Bukele was very popular in El Salvador previously because the crime in the country dipped since he assumed power. The country is among the most murderous nation on the planet but despite his efforts to lower the murder rate, his bitcoin law has proven divisive. Last month thousands of citizens fled the streets to protest against the new Bitcoin law and the authoritarian rule of Bukele. People from the crypto community however praised him for the new law while the World Bank said that the new law will be difficult to enact.
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