It has been reported by El Salvador’s President, Nayib Bukele, that the government has reaped $4,000,000 in Bitcoin profits since it first purchased the coin. A “pet hospital” will be constructed with the money. According to El Salvador’s president, the government would utilize Bitcoin earnings to construct a “pet hospital.”
Bitcoin became legal money in South Africa on September 7 after President Nayib Bukele posted on Twitter that the country’s Bitcoin Trust had $4 million in cash owing to the cryptocurrency’s rising value. There will be 384 consultations and 128 emergencies handled by the pet hospital, according to Bukele.
Así que decidimos invertir una parte de ese dinero en esto:
UN HOSPITAL VETERINARIO para todos nuestros peluditos. Que incluirá:
12 Consultorios básicos
4 Consultorios de emergencia
Área de rehabilitación
— Nayib Bukele 🇸🇻 (@nayibbukele) October 10, 2021
The First Nation to Fully Adopt Bitcoin
For the first time, a nation has adopted Bitcoin as a form of legal tender: El Salvador. Bukele came up with the concept for the legislation, which has received both acclaim and criticism. Chivo, the country’s state wallet, is available for download by people to use for day-to-day transactions. Those that utilize it will get $30 in Bitcoin as a thank you.
Bukele had a large following in El Salvador before he took office, thanks in part to a decrease in crime since his election; El Salvador is one of the world’s most deadly countries. However, his new Bitcoin legislation is dividing opinion. Thousands of Salvadorans took to the streets last month to express their displeasure with his growing authoritarianism and the country’s new Bitcoin legislation.
According to a video posted on Twitter by El Salvador’s president, the government has launched a project to mine Bitcoin using geothermal energy, which comes from volcanoes. Crypto enthusiasts, especially those deeply engaged in Bitcoin, have lauded Bukele for the new legislation, which organizations like the World Bank say will be tough to put into effect.
Criticism for El Salvador’s Move
Bukele has also faced tough criticism from crypto detractors and crypto enthusiasts alike for his heavy-handed approach to implementing Bitcoin. Bitcoin maximalists, according to Ethereum’s co-creator Vitalik Buterin, have uncritically supported President Nayib Bukele’s attempts to make the token a daily currency in El Salvador. The 27-year-old crypto millionaire slammed Bukele’s supporters for their excitement for enforcing the country’s laws, saying they should be commended instead.
El Salvadorians seem to be supportive of the new Bitcoin legislation, according to the most recent information from President Bukele. On the other side, protesters are taking to the streets in droves to air their grievances.
Others held signs reading “Bukele Dictator,” while still others set fire to a brand-new Bitcoin ATM. According to the protesters, President Obama is strengthening his power via autocratic measures. Salvadorans took to the streets to mark the country’s 200th birthday, carrying banners that said “Respect the Constitution, Not Bitcoin.”
Problems plagued the first rollout, including demonstrations of the technology. On one computer, just three transactions were completed in the first week out of several hundred that were attempted. Furthermore, many Salvadorans are reluctant to engage in bitcoin because of the volatile nature of its pricing.
According to a recent survey done by a Brazilian firm, 54% of Salvadorans had never heard of Bitcoin.