El Salvador will invest the earnings in cryptocurrencies in a veterinary hospital

El Salvador to invest cryptocurrency earnings in veterinary hospital - el salvador bukele changes his twitter bio to 22dictator22El Salvador President Nayib Bukele has announced that he will use some of his earnings through his Bitcoin operations to build a veterinary hospital. The president made the announcement on Saturday while discussing the Bitcoin Trust.

Bitcoin on an upward trajectory

After El Salvador became the first country in the world to authorize Bitcoin as legal tender, BTC lost 10% of its value on 9 September. However, after this decline, the cryptocurrency has risen by more than 30% to reach its highest levels since May 2021.

The Bitcoin Trust

The Bitcoin Trust, which Congress cleared in August, had a starting balance of $ 150 million, now has a $ 4 million surplus, according to Bukele. Bukele used Twitter to announce plans to invest in a veterinary hospital stating,

"So we decided to invest some of that money in this: a veterinary hospital for our furry friends."

Bukele also said the veterinary hospital will provide basic and emergency care services as well as rehabilitation services.

A prominent critic in Buterin

Ethereum co-founder Vitalik Buterin has spoken out against the El Salvador government's Bitcoin policy, calling the move "reckless". Buterin joins a long list of critics of El Salvador's stance on Bitcoin, stressing the same concerns as Buterin, aside from the fact that the law only focuses on Bitcoin on a wide range of different cryptocurrencies that potentially have more functionality and integrations with respect to Bitcoin.

Buterin criticized the policy in a Reddit thread, in which the Ethereum co-founder called the move a risk, as it "risks large numbers of innocent people being hacked or scammed."

Buterin stated in the comment:

“Nothing unpopular in this opinion. Making it mandatory for companies to accept a specific cryptocurrency is contrary to the ideals of freedom that should be so important to the crypto space. Furthermore, this tactic of pushing BTC to millions of people in El Salvador at the same time with almost no previous education attempt is reckless and risks large numbers of innocent people being hacked or scammed. Shame on everyone (ok, okay, I'll call the main perpetrators: shame on the Bitcoin maximalists) who are praising him uncritically ".

The history of El Salvador-Bitcoin

El Salvador made history after becoming the first government to authorize BTC as legal tender. The country is backed by California-based cryptocurrency unicorn Bitgo, which is helping to scale up the effort. But in the meantime it is also possible to negotiate on Bitcoin system. The South American nation has announced plans to legalize the use of BTC as legal tender, with President Bukele turning to Twitter to announce the historic vote, in which 62 out of 84 congressmen voted in favor of the bill.