El Salvador plans to use staggering Bitcoin profits to build veterinary clinics, President Bukele ZyCrypto reveals
El Salvador’s President Nayib Bukele announced on Saturday a plan to fund the construction of veterinary clinics with Bitcoin profits from the national trust.
El Salvador’s Bitcoin Profits to Fund Veterinary Clinic Construction
Bitcoin has rallied over the past week as regulatory tensions ease and overall sentiment turns bullish. The world’s largest cryptocurrency broke over $ 1 trillion again when the price topped $ 55,000. With the recent surge, most investors are in the green, including El Salvador.
According to President Bukele, the poor Central American nation has raked in around $ 4 million in profits from its Bitcoin Trust, which Congress approved back in August, to enable transactions between the cryptocurrency and the US dollar. He said through a series of tweets on October 10th that some of those returns would go towards building a veterinary clinic.
“By the way, we don’t sell #BTC, we use the USD portion of the trust as the BTC portion is now worth more than it was when the trust was founded. Incidentally, the Pet Hospital is likely to appreciate against the USD. #Bitcoin, on the other hand, is a deflationary currency, ”he added.
The Salvadoran President also noted that the animal hospital can perform 384 consultations, 128 emergencies, 64 surgeries and 32 x-rays every day.
Bukele’s Bitcoin ambitions
Bukele first announced in June during the conference in Miami that it would accept Bitcoin as legal tender. Bitcoin law was officially passed later in September, making El Salvador the only nation in the world to adopt Bitcoin as legal tender at the level of the US dollar. El Salvador introduced the Chivo Bitcoin Wallet and also cut gasoline prices to encourage the use of the cryptocurrency.
The controversial law has earned Bukele both admiration and criticism from onlookers. Michael Saylor, Caitlin Long and popular podcaster Peter McCormack of MicroStrategy have expressed their support for the President’s bitcoin enthusiasm.
However, not everyone is enthusiastic about the unexplored Bitcoin gambit. A series of protests have broken out in El Salvador as some citizens speak out against the law, which they believe President Bukele is only a means of extending his authoritarian regime.
Most recently, Ethereum co-founder Vitalik Buterin suggested that the cryptocurrency community should not praise Bukele for forcing local business owners in the country to accept Bitcoin, as this contradicts the principles of freedom that are crucial for cryptoversum.
Buterin further postulated:
“This tactic of pushing BTC to millions of people in El Salvador at the same time without attempting any prior education is ruthless and risks large numbers of innocent people being hacked or betrayed. Shame on everyone (ok, well, I’ll name those primarily responsible: Shame on Bitcoin maximalists) who praise him uncritically. “
It remains to be seen how the Salvadoran population will react to President Bukele’s latest Bitcoin-funded pet project.