New Veterinary Hospital to be Build Using BTC Trust in El Salvador?

8:01 am, Mon, 11 October 21

El Salvador continues to surprise the crypto enthusiasts who have been skeptical about the official adoption of BTC in the country. After setting up BTC ATMs, a volcano-powered mining facility and a Chivo wallet, El Salvador now plans to build a veterinary hospital.

According to reports, the hospital will be built by using profits from the Bitcoin Trust.

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Contradicting Reactions Towards the News

The plans to build a veterinary hospital have been announced by the Salvadoran President, Nayib Bukele. According to the plan, the state will not be selling any BTC to fund the investment, instead, USD will be drawn from the Bitcoin Trust and used.

The hospital is set to be built in San Salvador, the local capital. The country has accumulated around $4 million worth of profits from its BTC holdings and part of the profit will be used to fund the construction of the hospital.

President Bukele also took to Twitter and shared a post that gives a visual example of what the hospital will be like.

According to reports, the hospital will have:

  • Four emergency clinics
  • Four operating rooms
  • Nineteen offices
  • Rehabilitation area

The veterinary hospital will also aim to:

  • Perform 64 surgeries
  • Tend to around 400 general appointments daily
  • Respond to 128 emergencies

While this seems to be an ambitious and innovative plan, not everyone is on board with it. There has been some kind of unrest among the citizens ever since BTC was proposed to be adopted as a legal tender. The same difference of opinion has also been noted at the revelation of this news as many have suggested alternative ways the government could use the BTC profits.

Many people have shared the concerns that the profits used in building a new hospital could have been used to improve the current medical facilities across the country.

It has also been stated by some that the government is unable to invest in infrastructure outside of the capital city.

What Should BTC Investors and Traders Know?

Bitcoin is the flagship cryptocurrency that has struggled quite a lot to cross the $50,000 price region. It has an undeniable significance. However, there is no certainty that its value or price will increase further after the news stated above.

Here is a graph by CoinGecko that shows the price fluctuations of BTC over the last month.

btc-graph-11-10-2021

The market capitalization of the largest digital asset, Bitcoin, recently surged above $1 trillion, for the first time since May.

However, some analysts expect the price of BTC to surge higher and touch the $58k or $59k price region at least.

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