Central American Nation of El Salvador will use part of its $4 million Bitcoin profits to build a veterinary hospital.
This was revealed by Nayib Bukele, the President of El Salvador in a series of tweets. He said the BTC Trust, FIDEBITCOIN now has a surplus due to the number one cryptocurrency gaining value over the past weeks. El Salvador recently made BTC a legal tender on Sept. 7, and the country presently owns over 700BTC.
Les tengo una sorpresa 🐾🐾🐾
¡Qué nervios! 😬
— Nayib Bukele 🇸🇻 (@nayibbukele) October 9, 2021
President Bukele explained in his tweets how the trust works, and why it now has $4 million worth of profits. The veterinary hospital will have four operating rooms, four emergency clinics, 19 offices and rehabilitation area.
Bukele said:
“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 followed up in an English-language tweet. He also added that the value of the pet hospital “will probably appreciate in relation to USD.”
This news adds to the bullish trend in the market with Bitcoin’s market capitalization recently hitting $1 trillion for the first time since May this year.