Salvadoreans are actually promoting ‘far more’ US {Dollars} to purchase Bitcoin


The mainstream adoption of Bitcoin (BTC) in El Salvador is gaining momentum during the ongoing bull run as citizens increasingly trade their US dollar savings for Bitcoin.

President Nayib Bukele shared this new development on Twitter, based on the data collected by El Salvador’s internal wallet service Chivo. President Bukele said:

“People enter a lot more USD (to buy #BTC) than they withdraw at the Chivo ATMs.”

He also asked the media to independently confirm the above information by visiting the ATMs. President Bukele went on to say that Chivo reported 24,076 transfer requests, “which adds up to $ 3,069,761.05 in one day.”

2 new Chivo facts:

1. People enter much more USD (to buy #BTC) than 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).

– Nayib Bukele (@nayibbukele) October 16, 2021

The increase in USD to Bitcoin conversions within the jurisdiction reflects a shift in investor sentiment that initially encountered resistance when it was adopted by the public. In addition, the Salvadoran government offers various subsidies for the use of Bitcoin such as fuel subsidies and tax exemptions.

Related: El Salvador ranks third in Bitcoin ATM installations worldwide, data discovery

After the introduction of Bitcoin as legal tender, El Salvador installed over 200 ATMs, making it the third largest network of crypto ATMs after the USA and Canada.

A Cointelegraph report shows that after the deployment of 205 crypto ATMs, El Salvador exceeded the number of crypto ATMs in the UK, mainly to facilitate local bitcoin transactions and the conversion of bitcoin to US dollars.

Recently, the Salvadoran government announced it would build a $ 4 million animal hospital using profits from the Bitcoin bull market. According to President Bukele, the veterinary clinic will house four operating rooms, four emergency clinics, 19 offices and a rehabilitation area: “We have decided to invest some of this money here: a veterinary clinic for our furry friends.”

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