“Individuals are inserting way more USD to buy bitcoin than what they’re withdrawing from the Chivo ATMs.”
President Bukele confirmed that Chivo has recorded 24,076 remittance requests, which has added up to $3,069,761.05 in one day.
El Salvador’s mainstream Bitcoin adoption is gaining momentum through the ongoing bull run as residents are more and more exchanging their U.S. dollar savings for BTC.
President Nayib Bukele shared this new growth on Twitter, based on information acquired from El Salvador’s in-house wallet service, Chivo. Bukele said:
“Individuals are inserting way more USD to buy bitcoin than what they’re withdrawing from the Chivo ATMs.”
He additionally urged media outlets to independently verify the above info by visiting the ATMs. President Bukele further stated that Chivo has reported 24,076 remittance requests, “including as much as $3,069,761.05 in one day.”
The rise in dollar-to-Bitcoin conversions within the jurisdiction displays a change in investor sentiment, which initially confronted resistance during adoption from most of the people. Moreover, the Salvadoran authorities offer various subsidies for using Bitcoin such as fuel subsidies and tax exemptions.
El Salvador has installed over 200 ATMs after adopting Bitcoin as a legal tender, making it the third-largest community of crypto ATMs after the United States and Canada.
As reported, El Salvador exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs, primarily to facilitate native Bitcoin transactions and Bitcoin-to-dollar conversions.
Recently, the Salvadoran authorities introduced it’ll construct a $4 million veterinary hospital using the profits attained through the Bitcoin bull market. Based on President Bukele, the veterinary hospital will host 4 operating rooms, 4 emergency clinics, 19 offices and a rehabilitation area. “We determined to speculate part of that money on this: a veterinary hospital for our furry friends.”
Source: Cointelegraph
