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Business News/ News / World/  El Salvador to use bitcoin gains to fund veterinary hospital: President
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El Salvador to use bitcoin gains to fund veterinary hospital: President

Bitcoin lost almost 10% of its value on September 9, after the Central American nation became the first worldwide to authorize the cryptocurrency as legal tender

El Salvador became the first worldwide to authorize the cryptocurrency as legal tender (REUTERS)Premium
El Salvador became the first worldwide to authorize the cryptocurrency as legal tender (REUTERS)

El Salvador will invest some of the $4 million gains it has obtained from its bitcoin operations to build a veterinary hospital, President Nayib Bukele said on Saturday.

Bitcoin lost almost 10% of its value on September 9, after the Central American nation became the first worldwide to authorize the cryptocurrency as legal tender. But it has surged more than 30% in the past week to its highest levels since May.

The Bitcoin Trust, which Congress authorized in August, with a balance of $150 million, now has a "surplus" of $4 million, Bukele said.

"So we decided to invest a part of that money in this: a veterinary hospital for our furry friends," Bukele wrote on Twitter.

Bukele said the veterinary hospital would services for basic and emergency care as well as rehabilitation.

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Published: 10 Oct 2021, 01:29 PM IST
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