TL; Fault DR
- El Salvador is building a $ 4 million veterinary hospital funded by the Bitcoin Trust Fund.
- Vice-Buckle said the investment was funded by the Bitcoin Trust Fund and insisted that no bitcoins be sold.
On October 10, the President of El Salvador revealed through twitter His country is set to invest the profits from the Bitcoin tract in a new animal hospital in the capital. He revealed in his tweet that the value of bitcoin is currently $ 4 million, shortly after the adoption of digital coins as a major currency.
Some funds will be used to build a modern veterinary hospital with a rehabilitation unit, four theaters, four emergency units and 19 offices, the president said. When they announced the latest development, Bukele was quoted as saying that they decided to invest in the project to take care of their furry friends.
According to Buckel, the new hospital has a capacity of more than 60 surgeries, more than 120 emergencies and care for another 400 appointments per day. He shared a computer plan of the new project on his Twitter account.
Bitcoin profit for veterinary hospital causes different reactions
However, the great idea of building a veterinary hospital was not well received. Some Salvadoran people felt that the country’s bitcoin profits should have been used in other ways on Twitter.
According to Norma De Serrano, the budget should upgrade existing hospitals across the country. He stressed that most medical facilities in El Salvador need to be upgraded. Most people in Salvador have similar views.
Others, in addition to upgrading the health sector, felt that the government should use the money to develop infrastructure throughout the country, not just in the central city. Some criticized the tweets strongly because of the government’s laxity in improving the country’s infrastructure.
Bitcoin Acceptance in El Salvador
On June 15, bitcoin became a legal tender in the country, becoming the first country to recognize digital coins as its main currency. A few days later, El Salvador passed the Bitcoin Law to take effect on September 7, which meant that businesses would have to accept it for payment.
El Salvador initially bought 200 bitcoins, but later, with the passage of the $ 150 million Bitcoin Fund Act, its assets increased to 400 bitcoins. This fund was to facilitate the conversion of BTC to USD.
The latest development came after the bitcoin market capitalization reached $ 1 trillion in the last six months. Last week we saw a 20% increase in BTC from $ 47,000 to over $ 55,000.