El Salvador to use Bitcoin gains to fund veterinary hospital, says president

A sign that says

A sign that says "Bitcoin accepted here" on display in front of a motorcycle repair shop in Aguilares, El Salvador.

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SAN SALVADOR (Oct 10): El Salvador will invest some of the US$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 Sept 9, after the Central American nation became the first worldwide to authorise 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 authorised in August, with a balance of US$150 million, now has a "surplus" of US$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 provide services for basic and emergency care as well as rehabilitation.