The widespread adoption of Bitcoin (BTC) from El Salvador is gaining 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 collected by El Salvador’s internal wallet service Chivo. President Bukele called:
“People enter a lot more USD (to buy #BTC) than they withdraw from Chivo ATMs.”
He also asked the media to independently confirm the above information by visiting ATMs. President Bukele went on to say that Chivo reported 24,076 transfer requests “totaling USD 3,069,761.05 in one day”.
2 new Chivo facts:
1. People enter a lot more USD (to buy #BTC) than what they withdraw from the Chivo ATMs (each media outlet can independently confirm this by visiting the ATMs).
2. Today we received 24,076 transfers that add up to $ 3,069,761.05 (in one day).
to???? Nayib bukele (@nayibbukele) October 16, 2021
The increase in the USD to Bitcoin conversion within the jurisdiction reflects a shift in investor sentiment that initially encountered resistance when it was adopted by the public. What’s more the Salvadoran government offers various subsidies for the use of Bitcoin, such as fuel subsidies and tax exemptions.
After the introduction of Bitcoin as legal tender, El Salvador installed more than 200 ATMs, making it the third largest crypto ATM network after the USA and Canada.
A Cointelegraph report shows that El Salvador surpassed the number of crypto ATMs in the UK after implementing 205 crypto ATMs, mainly to facilitate local bitcoin transactions and the conversion of bitcoin to US dollars.
Recently, The Salvadoran government announced the construction of a $ 4 million animal hospital, capitalizing on profits from the Bitcoin bull market. According to President Bukele, the veterinary clinic will house four operating theaters, four emergency clinics, 19 doctor’s offices and a rehab area: “We have decided to invest part of this money here: a veterinary clinic for our furry friends” € ????.