The El Salvadorian government will use some of its bitcoin gains to fund a veterinary hospital

In his address to the nation over the weekend, President Nayib Bukele announced that El Salvador will use some of its bitcoin gains to help fund the nation’s veterinary hospital.

Using the profits from the 700 bitcoins his country purchased in late September, worth approximately $31 million at the time of the purchase, the president tweeted a video of a model of the pet hospital he intended to build.

After the Central American nation became the first worldwide to recognize bitcoin as legal tender on September 9, Bitcoin lost almost 10% of its value. However, it has risen more than 30% in the past week, reaching its highest level since last May.

Currently, the Bitcoin Trust, which was authorized by Congress in August, has a $150 million balance, and now, according to Bukele, it has a “surplus” of $4 million, he said.

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

The hospital is situated within the municipality of Antiguo Cuscatlán, which is about eight miles from the capital city of Salvador, off a major thoroughfare. Construction of the building started in early November. Based on renderings, the building is depicted as having spaces for vet consultations, surgeries, emergency services, rehabilitation, and grooming, among other services. Each service has a symbolic cost of 25 cents.

According to Bukele’s tweets, El Salvador has acquired at least 1,801 bitcoins to date.

As most of the country’s citizens are unbanked, Bukele pushed for bitcoin to be accepted as legal tender as a means of bolstering the economy and financial system of the country. A study found that 70% of the adult population in El Salvador did not have a bank account in 2017.

The country has not only invested in crypto but has also started mining bitcoins using a volcano-generated energy source.