El Salvador to use bitcoin gains

SAN SALVADOR: El Salvador will invest some of the US$4 million (135 million baht) 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 $150 million, now has a “surplus” of $4 million, Mr Bukele said.

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