President Nayib Bukele of El Salvador has stated that no Bitcoin would be sold to pay the investment, instead the state will use USD from its Bitcoin trust.
Salvadoran President Nayib Bukele has announced intentions to contribute a portion of the country’s $4 million earnings from Bitcoin (BTC) holdings towards the construction of a new veterinary hospital in San Salvador, the country’s capital.
Bukele disclosed on Twitter on Sunday that El Salvador’s state-run Bitcoin trust now has $4 million in revenues from the country’s recent Bitcoin embrace.
Part of the cash will be used to build a veterinary hospital with four surgical rooms, four emergency clinics, 19 offices, and a rehabilitation area, according to Bukele. “We decided to put some of that money into something like this: a veterinary facility for our animal companions,” he explained.
Bukele also shared a computer-generated mock-up of the hospital on social media, stating that the facility will be able to perform 64 operations, react to 128 emergencies, and handle roughly 400 routine visits each day.
On Twitter, the announcement drew varied reactions, with many Salvadorans suggesting other uses for the country’s cryptocurrency revenues.
According to a rough translation, Twitter user Norma De Serrano stated that the money would be better spent upgrading current medical facilities around the country, underlining that many hospitals and health units “need to be renovated” – a sentiment shared by many other comments.
Others chastised the administration for not investing in infrastructure outside of the capital.
The announcement comes as Bitcoin’s market value just surpassed $1 trillion for the first time since May, with BTC rising over 20% in the last week from $47,000 to more than 55,000.