El Salvador plans to use BTC profits to build an animal hospital

El Salvador president announced that the country would use a portion of its 4 million BTC profits for building an animal hospital.
El Salvador president announced that the country would use a portion of its 4 million BTC profits for building an animal hospital.

El Salvador president Nayib Bukele, in a bundle of tweets, announced that the country would use a portion of its $4 million BTC profits for building an animal hospital. 

Bukele said that he is planning to start the work of the pet hospital by the El Salvador trust soon. He informed that after making BTC a legal tender, the country has a surplus amount because of the increased prices of the currency.

Before September, when BTC was not declared a legal tender in the country, the lawmakers had approved a $150 million fund. After that, the government purchased 700 Bitcoins.

Here’s how El Salvador trust works

The El Salvador president explained how the trust works through a series of tweets. He said that the fund amount in the trust, also called “FIDEBITCOIN” is in the dollar form. 

Chivo, the official exchange company, handles the trust and prepares a balance sheet that contains BTC as well as Dollar. It submits the amount to Bandesal, El Salvador development bank, in dollars.

He notified with pleasure that the trust has a surplus of $4 million. Chivo can easily use this amount without touching the total amount of BTC in the trust. Even if one takes down the dollars, there won’t be any change in the BTC amount. 

The set of tweets by Bukele also includes a video, which shows some clips of rendering or blueprint of the animal hospital. It also has a signboard saying “Chivo Pets,” below which “Veterinary Hospital” is written in Spanish.

In addition to the standard offices and cabins, the government will also include the facility of emergency vet appointments, rehabilitation, and operations. El Salvador has plans to have a laboratory, an auditorium, and classrooms in the hospital too.

Bitcoin is doing great with the arrival of “Uptober” and recently broke $1 trillion market capitalization since May.