Salvadorans are now selling “more” US dollars to buy Bitcoin
The mainstream adoption of Bitcoin (BTC) in El Salvador gained momentum during the ongoing bull run as people increasingly traded their US dollar savings for Bitcoin.
President Nayib Bukele shared this new development on Twitter, based on data received from El Salvador’s internal wallet service Chivo. President Bukele speak:
“People are depositing more USD (to buy #BTC) than they are withdrawing from Chivo ATMs.”
He also asked the media to independently confirm the information by going to ATMs. President Bukele added that Chivo reported 24,076 transfer requests “up to $ 3,069,761.05 in a single day.”
2 new Chivo events:
1. People invest more USD (to buy #BTC) than what they withdraw at Chivo ATMs (each media company can independently confirm this by accessing the ATMs).
2. We received 24,076 transfers today, which adds up to $ 3,069,761.05 (in one day).
– Nayib Bukele (@nayibbukele) October 16, 2021
The surge in USD to Bitcoin conversions in the jurisdiction reflects a shift in investor sentiment that initially encountered resistance to public acceptance. In addition, the Salvadoran government offers various subsidies for the use of Bitcoin such as fuel subsidies and tax exemptions.
Related: Data shows that El Salvador ranks third in Bitcoin ATM installations worldwide
After the introduction of Bitcoin as legal tender, El Salvador installed more than 200 ATMs, making it the third largest network of crypto ATMs after the USA and Canada.
A Cointelegraph report shows that El Salvador surpassed UK crypto ATMs after deploying 205 crypto ATMs, mainly to facilitate local bitcoin transactions and bitcoin conversions to US dollars.
Recently, the Salvadoran government announced the construction of a $ 4 million animal hospital using profits from the Bitcoin bull market. According to President Bukele, the veterinary clinic will have four operating rooms, four emergency rooms, 19 offices and a rehab station: “We have decided to invest some of this money in this hospital. Veterinary medicine for our furry friends.”