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Bitcoin to Fund Construction of Vet Hospital in El Salvador

News
Sun, 10/10/2021 - 08:29
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Yuri Molchan
The El Salvador government are going to fund the building of a vet hospital in the country with the gains earned on The Bitcoin Trust
Bitcoin to Fund Construction of Vet Hospital in El Salvador
Cover image via stock.adobe.com

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The Central American country that approved Bitcoin to be used as a legal tender back in September, El Salvador, has now gains of $4 million from The Bitcoin Trust approved by the Congress in August.

President Nayib Bukele stated on Saturday that part of these gains will be used to fund the construction of a new veterinary hospital in El Salvador, he stated on Twitter.

President pointed out that The Trust is not selling any Bitcoin but will use the gains in USD.

By the way, we’re not selling any #BTC, we’re are using the USD part of the trust, since the #BTC part is now worth more than when the trust was established.

Over the past week, the global leading digital currency Bitcoin has managed to rise above the $55,000 level three times, coming close to the $56,000 line.

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The surge occurred on October 4 from the $47,000 area to the zone above $49,000. On October 7, the first jump above $55,000 took place for the first time since May.

As reported by U.Today earlier, Ethereum co-founder Vitalik Buterin has referred to the El Salvador’s experiment with Bitcoin as reckless on Reddit and slammed Bitcoin maxis for praising the country’s president.

Vitalik believes that forcing businesses to accept BTC is against the ethos of the crypto space. Besides, he reckons that many Salvadorans are likely to fall victims of hackers, since they lack the necessary basic education in crypto.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.