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Cryptocurrency

El Salvador to Spend Bitcoin Gains On Vet Hospital

El Salvador to Spend Bitcoin Gains On Vet Hospital

  • El Salvador has disclosed plans to invest some of the gains from its bitcoin investment into a veterinary hospital
  • The country has gained $4 million in BTC since making an investment of $150 million in the cryptocurrency last month
  • The flagship cryptocurrency dropped by 10% when the Central American nation legalized it as a currency but it has since rallied by almost 40% since then

El Salvador has disclosed that some of the gains from its investment in Bitcoin is going to be put into building a veterinary hospital.

El Salvador

The president of the country Nayib Bukele announced this on Saturday while disclosing that the country’s $150 million Bitcoin investment has yielded a gain of $4 million.

El Salvador became the first nation to officially sign Bitcoin into law as a legal tender and began putting it to use in September.

Following the legalization of BTC, the government invested $150 million.

Bitcoin

After this investment, the flagship cryptocurrency dropped by 10% but has since recovered by over 30% yielding more than $4 million in profit.

Bukele wrote on Twitter on Saturday:

So we decided to invest a part of that money in this: a veterinary hospital for our furry friends,”

Bukele disclosed that the hospital will offer basic and emergency medical services as well as rehabilitation for animals.

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