El Salvador will use part of its $4 million in Bitcoin profits to build a modern-looking pet hospital
El Salvador will apparently build a pet hospital with funds from a $4 million surplus related to Bitcoin’s rising value.
El Salvador plans to use Bitcoin profits to build an animal hospital
According to Nayib Bukele, the country’s president, El Salvador will use part of its $4 million in Bitcoin profits to build a modern-looking pet hospital.
Bukele said the trust El Salvador created to help Bitcoin legally bid now has a surplus as the cryptocurrency is increasing in value. The legislators approved a $150 million fund before Bitcoin officially became legal tender on September 7, and the country also bought a total of 700 BTC.
Bukele explained how the trust works and why it has a surplus. The president said that the amount of funds in this trust, known as FIDEBITCOIN, is established in dollars by law. The trust’s balance sheet includes both dollars and Bitcoin. The trust now has a $4 million surplus. Chivo can get rid of those millions without affecting the total amount in the trust, which keeps the same quantity of bitcoin even when the U.S. dollar amount goes down.
“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”, Bukele tweeted. He also added that the value of the pet hospital will probably appreciate in relation to USD.
Así que decidimos invertir una parte de ese dinero en esto:
UN HOSPITAL VETERINARIO para todos nuestros peluditos. Que incluirá:
12 Consultorios básicos
4 Consultorios de emergencia
Área de rehabilitación
— Nayib Bukele 🇸🇻 (@nayibbukele) October 10, 2021
Bukele also showed a video montage with an image of the pet hospital, with a sign outside saying “Chivo Pets” and the words “Veterinary Hospital” in Spanish. Along with the standard offices, the facility will be decorated with areas to handle emergency vet appointments, operations, rehabilitation, and grooming, in addition to having a laboratory, classrooms, an auditorium, and coworking space.
- Bitcoin Price Drop, El Salvador Bought The Dip And Now Holds 700 BTC
- Bitcoin Price Drops, El Salvador Bought The Dip So Which Coins Should We Accumulate?