The Bitcoin trust currently has a surplus of $4 million
Bukele wrote a series of tweets on October 9 explaining how the trust works and why it has a surplus. The president said the amount of money in the trust, known as FIDEBITCOIN, is legally set in dollars. The trust's balance sheet includes both dollars and bitcoin. Chivo, the state-owned company that manages the trust, must settle that amount in dollars to El Salvador's development bank, Bandesal.According to Bukele, the trust now has a surplus of $4 million. Chivo can get rid of those millions without affecting the trust's total, which will keep the same amount of bitcoin even if the U.S. dollar amount goes down.
Bukele shows a video montage of "Chivo Pets"
One of Bukele's tweets shows a video montage of renderings of the veterinary hospital, with the exterior sign reading "Chivo Pets" and the words "Veterinary Hospital". In addition to standard offices, the facility would have areas for emergency veterinary appointments, operations, rehabilitation, grooming, a lab, classrooms, an auditorium, and a coworking space.Earlier, Vitalik Buterin, the founder of Ethereum, had commented on the acceptance of Bitcoin in El Salvador. According to Buterin, forcing people to accept bitcoin (or any other currency) goes against the free nature of bitcoin (or as he would say, crypto). "Making it mandatory for companies to accept a specific cryptocurrency is against the ideals of freedom that would be so important to the crypto space," Buterin says. He also does not think the support for President Bukele from various Bitcoiners is a good thing.
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