Conventional Bitcoin from El Salvador (BTC) adoption gains 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 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 $ 3,069,761.05 in one day."
2 new facts about Chivo:
1. People are inserting a lot more USD (to buy #BTC) of what they are withdrawing from Chivo's ATMs (any means of communication can independently confirm this by visiting the ATMs).
2. Today we received 24,076 remittances, totaling $ 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 of the general public. In addition, the Salvadoran government offers various subsidies for the use of Bitcoin such as fuel subsidies and tax exceptions.
Related: El Salvador Ranks Third in Global Bitcoin ATM Installations, Data Shows
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 $ 4 million from veterinary hospital using proceeds reached 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."
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