El Salvador’s President Nayib Bukele, often known as the ‘Bitcoin President,’ has taken to Twitter to announce plans to use some of the country’s Bitcoin holdings revenues to build a new veterinary hospital in the capital city of San Salvador.
According to Bukele, El Salvador’s government-run Bitcoin trust presently has $4 million in income from the country’s recent embrace of Bitcoin. He made the following declaration:
“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 USD is reduced. So we can invest $4 million in a project.”
He stated that part of the funds will be invested in constructing a veterinary hospital, iincluding
12 basic offices, four emergency clinics, four operating rooms, rehabilitation area, isolations, hospitalizations, recovery.”
“We decided to invest a part of that money in this: a veterinary hospital for our furry friends,” he added.
According to the president, the hospital aims to perform 64 surgeries each day, attend to 128 emergencies, and see 384 patients daily for normal checkups. He used a computer-generated video mock-up of the facility as part of his tweets.
Twitter user @ElSalvadorBTC_, who monitors the value of BTC acquired by the Latin American country, disclosed that the average cost of 700 BTC was $49 543.
“Those 700 BTC that Nayib Bukele has purchased for El Salvador at an average price of $49,643, worth $34.75 million at the time of purchase, are now worth $39.52 million.”
The BTC assets are currently worth $39.7 million at today’s price.
There were a variety of reactions on Twitter, with many El Salvadorans suggesting different ways the country could use its crypto profits as was to be expected.
It’s better to put the money towards renovating current medical facilities across the country, says Twitter user Norma De Serrano, emphasizing that many hospitals and health units “need to be updated.”
Others blasted the government for not doing enough to improve the country’s infrastructure outside of the city of Washington, D.C.
Bitcoin’s market capitalization recently surpassed $1 trillion for the first time since May, with the digital currency up roughly 30% since the beginning of the month. The announcement coincides with that milestone.