Bitcoin Law: El Salvador Launches Veterinary Hospital Using Profits from BTC

Updated:

El Salvador President Nayib Bukele has announced the launch of the Bitcoin (BTC)-built veterinary hospital via Twitter on Saturday, noting that treatment at the monumental hospital would cost only $0.25 worth of BTC.

Apart from breaking the record as the first sovereign nation to adopt Bitcoin as legal tender, El Salvador has also spent its time acquiring BTC on a macroeconomic level.

After its first BTC purchase in September, El Salvador announced in October that it plans to use $4 million in profits from its BTC holding to erect a massive veterinary hospital in the nation’s capital, San Salvador. Only four months after this announcement, the government has delivered on its promise after launching the hospital yesterday.

Named Chivo Pets—after the nation’s crypto wallet Chivo Bitcoin Wallet—the hospital is designed to stay open 24/7 and have operating rooms, rehabilitation, hospitalization, quarantine rooms, and other medical features.

In his tweet unveiling the landmark project, Bukele noted:

“Wanna watch a video about #Bitcoin and pets? @chivopets is the first-ever #Bitcoin fully funded animal hospital. Every treatment will cost only $0.25, paid in #BTC, with any wallet.”

El Salvador is taking no breaks with its BTC efforts. Earlier this month, the Central American nation introduced a cryptocurrency education center called “La Casa Del Bitcoin,” which loosely translates to “The House of Bitcoin. The facility offers “free and accessible learning opportunities” to citizens interested in learning about the merits of the benchmark cryptocurrency.

Key Bitcoin Levels to Watch — February 27

Bitcoin has fallen into a sideways pattern between $39,600 and $38,500 over the past 48 hours as market volatility eases. The benchmark cryptocurrency now shows signs of a slight bullish undertone on Sunday morning, as traders expect the price to hit $40,000 before the end of the day.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView

BTC briefly broke above the $40,000 barrier at midnight yesterday but failed to sustain the momentum, leading to a dip near the $38,300 support. That said, the coming days should be bullish for the flagship cryptocurrency as market uncertainty, which sponsored the recent crash to $34,340, appears to have lifted.

Meanwhile, my resistance levels are at $40,000, $41,000, and $42,000, and my key support levels are at $38,500, $37,500, and $37,000.

Total Market Capitalization: $1.78 trillion

Bitcoin Market Capitalization: $742.1 billion

Bitcoin Dominance: 41.7%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.