President of El Salvador will build vet hospital with surplus of Bitcoin’s wallet fund
Salvadoran’s President announced the project on Twitter and said that part of the fund’s $4 million excedent will be used in the Pet Hospital
Naiyb Bukele, president of El Salvador, announced via Twitter that he will be building a vet hospital with funds acquired through the Bitcoin’s Salvadoran trust. A portion of the $4 million surplus will be invested into the project.
Bukele confirms that this idea will be possible due to Bitcoin’s price increase in the last few days. Also, the President received some backlash when critics argued that the balance of the funds couldn’t be used in civil expenditures.
However, Bukele was quick to give the answer:
“By the way, we’re not selling any #BTC, we’re are using the USD part of the trust, since the #BTC part is now worth more than when the trust was established”
-Nayib Bukele, President of El Salvador
He also added that the “Pet Hospital will probably appreciate in relation to USD” as Bitcoin, “on the contrary, is a deflationary currency”, referring to the definitive amount of 21 millions BTC to be mined until the cryptocurrency stops its production.
The Pet Hospital Project
The Salvadoran President also announced that the Pet Hospital funded with the Bitcoin’s surplus funds would feature 12 offices, four emergency attention rooms, four operating rooms, and a rehabilitation area for Salvadoran pets.
The Hospital will also be able to attend each day 384 appointments, 128 emergencies, 64 surgeries, 63 hospitalizations and 64 dog grooming rooms.
Controversy with Ethereum founder
Recently, another critic added up the heat - but this one caused some buzz in the media. Vitalik Buterin criticized the “push” of Bitcoin into the Salvadoran people without proper education on the matter. Buterin said that this would have risks and would be “reckless”.
“Shame on everyone (ok, fine, I’ll call out the main people responsible: shame on Bitcoin maximalists) who are uncritically praising him”
-Vitalik Buterin, founder of Ethereum
However, crypto enthusiasts know that this could be more of a competitor’s race than an unbiased opinion.