Wednesday 5 October 2022

El Salvador’s crypto-loving president says the country will build veterinary hospital with Bitcoin profits

El Salvador’s President Nayib Bukele said on Sunday some of the country’s bitcoin gains would fund a veterinary hospital.

Paying the bills


Black jaguar is captured by camera traps in the Cordillera de Talamanca

QCOSTARICA - A jaguar with melanism (an increase of...

Border crossing with Panama restored, but trade conflict continues

QCOSTARICA - The temporary blockade that a group of...

Costa Rica begins with vaccination against Covid-19 in children

QCOSTARICA - The Caja Costarricense de Seguro Social (CCSS)...

The Best Online Casinos You Can Use Anywhere In The World

There’s nothing worse than having a winning streak on...

Business sector call for declaration of national emergency due to poor road conditions

QCOSTARICA - The Unión Costarricense de Cámaras y Asociaciones...

Heavy rains caused landslides and road closures

QCOSTARICA - The heavy rains on Monday caused landslides,...

Tourism dynamism does not reach all small businesses

QCOSTARICA - It is estimated that, by the end...

Dollar Exchange

¢625.74 Buy

¢631.33 Sell

04 October 2022 - At The Banks - BCCR

Paying the bills


Q24N – El Salvador President Nayib Bukele said over the weekend the country will use some of its bitcoin gains to fund a new veterinary hospital.

The crypto-loving president tweeted a video on Sunday of a model of the pet hospital he planned to build using the profits from the 700 bitcoin his country bought in late September, worth roughly US$31 million at the time.

- Advertisement -

El Salvador, which adopted bitcoin as legal tender last month, will be using US$4 million worth of the profits it’s made from its bitcoin holdings to fund building a gleaming white, airy hospital for pets with grass lining its roof.

“Bitcoin is good for pets,” Bukele said in a tweet that followed the thread about the lavish building.

“By the way, we’re not selling any #BTC, we are using the USD part of the trust, since the #BTC part is now worth more than when the trust was established,” Bukele said.

Bukele pushed to get bitcoin accepted as legal tender to help bolster the country’s financial and economic systems, given that most of its citizens were unbanked. In El Salvador, 70% of the adult population did not have a bank account in 2017, according to data from Statista.

Investing in crypto is not the only part of El Salvador’s bitcoin project, as the country recently started mining the coins using clean volcano-powered energy.

- Advertisement -
Paying the bills
Avatar photo
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

Attacks against independent journalism intensify in Central America

Q24N - A photographer had to flee from Nicaragua, the head...

El Salvador: Twitter user prosecuted for contempt against Nayib Bukele

Q24N - A court in El Salvador moved to the investigation...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.