El Salvador plans to invest its Bitcoin revenues in a large animal hospital.
If you didn’t like how Nayib Bukele implemented his Bitcoin policy in El Salvador, perhaps his latest acts will persuade you otherwise, or at the very least convince you that he wants to be adorable.
El Salvador’s president said that the earnings of his country’s BTC investment will be used to create a huge pet hospital after witnessing his first days in the green.
The news was posted on his Twitter account a few hours ago, along with other messages citing Bitcoin, a warning about the impending financial catastrophe, a taunt to his opponents who are now quiet because the country is profitable, and many retweets of other media sites.
We’ll start building this pet hospital with our #BTC profits. pic.twitter.com/ontf9xiZJT— Nayib Bukele 🇸🇻 (@nayibbukele) October 10, 2021
Puppies Must Be Saved!
El Salvador’s president posted a video showing the hospital’s design, emphasising that he was not selling any of the 700 BTC he had bought for a national trust set up to allow Chivo Wallet users to convert BTC to USD instantly.
Bukele expounded on his concept in one of his Spanish tweets. In addition to medical amenities such as consulting rooms, operating rooms, rehabilitation, hospitalisation, and quarantine rooms, the hospital will provide hair salons, offices, schools, and an auditorium.
Every day, the hospital will be able to manage 384 consultations, more than 100 crises, 64 operations, and 32 X-rays, according to Bukele’s estimations.
All of this is feasible because Bitcoin’s growth left the government with a $4 million surplus in the Bitcoin Fund, which hasn’t affected the quantity of BTC accessible. Given the foregoing, Bukele chose to donate a percentage of his income to the construction of this huge infrastructure.
The Bitcoin Debate in El Salvador Isn’t Just About Puppies and Kittens
Reactions across the world have been varied since Bukele stated that his country will embrace Bitcoin as official money.
On the one hand, prominent people like as Ethereum co-founder Vitalik Buterin, as well as recognised organisations such as the World Bank, the International Monetary Fund, and credit rating agencies, have condemned Bukele’s approach to implementing Bitcoin use in his country.
Bitcoin proponents, on the other hand, believe that the president is a visionary and welcome the action on the assumption that it would eventually benefit Bitcoin.
Every state enforces the population to use fiat currency.El Salvador forces people to use fiat or #bitcoin.The government does not force people to hold either and provided the tools to enable this.Salvadorans have optionality, what is the problem here? https://t.co/vN4bxmVDVZ— Peter McCormack (@PeterMcCormack) October 8, 2021
So, while financial strategic decisions can divide a country, even the announcement of a pet hospital, as much as we all love puppies, was fraught with controversy.
Being a politician is a difficult job.