El Salvador’s widespread adoption of Bitcoin (BTC) gains momentum during the ongoing uptrend as citizens increasingly trade their US dollar savings for Bitcoin.
President Nayib Bukele shared this new development on Twitter based on data acquired from El Salvador’s internal wallet service, Chivo. President Bukele said:
“People are inserting much more USD (to buy #BTC) than they are withdrawing from Chivo ATMs.”
He also urged the media to independently confirm the above information by visiting ATMs. President Bukele further stated that Chivo has reported 24,076 remittance requests “totaling USD 3,069,761.05 in one day.”
2 new Chivo Facts:
1. People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs (any media outlet can independently confirm this by visiting the ATMs).
2. Today, we received 24,076 remittances, adding up to $ 3,069,761.05 (in one day).
– Nayib Bukele (@nayibbukele) October 16, 2021
The increase in USD to Bitcoin conversions within the jurisdiction reflects a shift in investor sentiment, which initially faced resistance during adoption by the general public. What’s more, The Salvadoran government offers various subsidies for the use of Bitcoin, such as fuel subsidies and tax exemptions.
El Salvador has installed more than 200 ATMs after adopting Bitcoin as legal tender, making it the third largest network of crypto ATMs after the United States and Canada.
A Cointelegraph report shows that El Salvador surpassed the UK crypto ATM count after implementing 205 crypto ATMs, primarily to facilitate local Bitcoin transactions and Bitcoin to US dollar conversions.
Recently, the Salvadoran government announced the construction of a USD 4 million veterinary hospital using the profits made during the Bitcoin bull market. According to President Bukele, the veterinary hospital will house four operating rooms, four emergency clinics, 19 offices and a rehabilitation area: “We decided to invest a part of that money in this: a veterinary hospital for our furry friends.”
Keep reading: