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

SAN SALVADOR, Oct. 9 (Reuters) – El Salvador will invest a portion of the $ 4 million profits it has made from its Bitcoin deals to build an animal hospital, President Nayib Bukele said on Saturday.

Bitcoin lost nearly 10% of its value on September 9th after the Central American nation became the first in the world to accept cryptocurrency as legal tender. But it is up more than 30% in the past week, to its highest level since May.

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

“That’s why we decided to invest some of this money in a veterinary clinic for our furry friends,” wrote Bukele on Twitter.

Bukele said the animal hospital will provide basic and emergency care services as well as rehabilitation.

Reporting from Nelson Renteria; Letter from Stefanie Eschenbacher; Adaptation by William Mallard

Our Standards: The Thomson Reuters Trust Principles.