Salvadoran President Nayib Bukele announces construction of veterinary clinic with Bitcoin trust fund –

Nayib Bukele, President of El Salvador, announced yesterday that he would use excess funds from the country's Bitcoin trust. Part of the $4 million will be invested in a veterinary clinic that will provide various services for the pets of Salvadoran citizens. Bukele explained that this was possible due to the Bitcoin price increase in the last few days.

Nayib Bukele proposes building a veterinary clinic

Nayib Bukele, President of El Salvador, yesterday announced the construction of a veterinary clinic with funds from the country's recently established Bitcoin Trust. According to his statements, $4 million may be withdrawn from Fidebitcoin, the national Bitcoin trust, due to the recent price increase BTC has experienced. Bukele explained on Twitter:

With the same amount of dollars and Bitcoin in the trust, the trust is now worth more because the value of the Bitcoin has increased. So now FIDEBITCOIN has a “surplus” of $4 million. This means that the state-owned company Chivo can have $4 million at its disposal without affecting the amount of the trust.

Bukele then announced that the veterinary clinic would include 12 offices, four emergency rooms, four operating rooms and a rehabilitation area for Salvadoran pets. The facility will be able to care for more than 384 pets daily.

In-depth criticism

The president is widely criticized for his handling of public money. Critics of the president are quick to use this project pointed point out problems, demand an audit of the cash balances and determine that they cannot be used to finance civil expenditure. However, Bukele was quick to explain that the fund was not selling Bitcoin to finance these expenses. The President stated:

By the way, we don't sell Bitcoins, we use the dollar portion of the trust because the Bitcoin portion is now worth more than it was when the trust was created.

Bukele also took a hit from Vitalik Buterin, co-founder of Ethereum, who criticized his urge for explain Bitcoin legal tender on Reddit. Buterin explained that Bukele's action to push Bitcoin onto a population that is not sufficiently educated to use Bitcoin was "reckless" and posed "risks." Buterin extended this criticism to other players in the crypto industry by stating:

Shame on everyone (ok, fine, I'll name the main culprits: shame on Bitcoin maximalists) who uncritically praise him.

What do you think of Bukele's idea of ​​​​building a veterinary clinic with the surplus of the Bitcoin fund? Tell us in the comments section below.

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