24.4 C
New York

El Salvador to use bitcoin gains to fund veterinary hospital, president says

Date:

El Salvador to use bitcoin gains to fund veterinary hospital, president says

By Nelson Renteria

SAN SALVADOR (Reuters) – El Salvador will invest some of the $4 million gains it has obtained from its bitcoin operations to build a veterinary hospital, President Nayib Bukele said on Saturday.

Bitcoin lost almost 10% of its value on Sept. 9, after the Central American nation became the first worldwide to authorize the cryptocurrency as legal tender https://www.reuters.com/technology/one-month-el-salvadors-bitcoin-use-grows-headaches-persist-2021-10-07. But it has surged more than 30% in the past week to its highest levels since May.

The Bitcoin Trust, which Congress authorized in August, with a balance of $150 million, now has a “surplus” of $4 million, Bukele said.

“So we decided to invest a part of that money in this: a veterinary hospital for our furry friends,” Bukele wrote on Twitter.

Bukele said the veterinary hospital would services for basic and emergency care as well as rehabilitation.

(Reporting by Nelson Renteria; Writing by Stefanie Eschenbacher; Editing by William Mallard)

Image Credit: Reuters

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://datafloq.com/read/el-salvador-use-bitcoin-gains-fund-veterinary-hospital-president-says/18502

Related articles

spot_img

Recent articles

spot_img