El Salvador is investing $4 million of its crypto profits into a veterinary hospital in the country's capital. Nayib Bukele, the Salvadoran president, noted that Bitcoin would be sold in order to fund this investment. The state is instead drawing USD from its very own Bitcoin trust.
El Salvador Bitcoin Profits
According to the story by CoinTelegraph, Salvadoran president Nayib Bukele has just announced his plans to invest a part of the $4M worth of profits that the company has amassed. This is from its own bitcoin holdings, which is set to be invested into constructing a brand new veterinary hospital located in the San Salvador local capital.
On October 10, 2021, Bukele took to Twitter to reveal that El Salvador's very own state-operated Bitcoin trust actually holds $4 million worth of profits that it had gleaned coming from its recent embrace of Bitcoin. Bukele then announced that part of the said funds would then be invested into constructing a veterinary hospital that would have four operating rooms, 19 offices, four emergency clinics, and its very own rehabilitation area.
New Veterinary Hospital
He noted that they have decided to invest a portion of that money in a veterinary hospital for their furry friends. Bukele also added that the facility would reportedly aim to be able to perform 64 surgeries and be able to respond to 128 emergencies. This is while tending to about 400 daily general appointments and sharing a computer-generated mock-up of the said hospital to social media.
The news was actually met with mixed reactions on Twitter. A number of Salvadorans actually suggested alternative uses for the country's new crypto profits. A certain Twitter user Norma De Serrano noted that the money could have been better used as reinvestment towards the existing medical facilities across the country.
Bitcoin Bullish Movements
The comment emphasized that a number of hospitals as well as health units actually needed to be improved while a number of commenters were also expressing their similar concerns. Others even criticized the government for failing to invest in infrastructure located outside of the country's very own capital.
This particular news now comes as Bitcoin's official market capitalization has been able to break above the $1 trillion mark for the first time ever since May 2021. BTC is now rallying about 20% from its previous $47,000 to almost $55,000 during the course of the past week.
What About SHIB?
Is SHIB the new DOGE, or could it be better? As of the moment, SHIB is getting a lot of attention as its recent massively bullish moves have been closely related to that of DOGE when it spiked. The question, as of the moment, is whether SHIB will be consistently bullish or if everything as of the moment remains hype.
SHIB has even surpassed the number of Ethereum mentions on Twitter and comes short just to Bitcoin. SHIB is currently the second most talked-about cryptocurrency on Twitter, making it the hot topic as of the moment.
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Written by Urian B.