The mainstream adoption of BTC in El Salvador during the ongoing bull run is gaining momentum as citizens increasingly exchange their US dollar savings for BTC.
El Salvador citizens buy more BTC than USD
President Nayib Bukele shared this new development on Twitter based on data obtained from El Salvador’s internal wallet service, Chivo. He also called on the media to independently confirm the above information by visiting ATMs. President Bukele added that Chivo reported 24,076 remittances, which “totales $ 3,069,761.05 in one day.”
2 new Chivo Facts:
1. People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs (any media outlet can independently confirm this by visiting the ATMs).
2. Today, we received 24,076 remittances, adding up to $ 3,069,761.05 (in one day).
– Nayib Bukele 🇸🇻 (@nayibbukele) October 16, 2021
The increase in USD transfers to BTC within the jurisdiction reflects a change in investor sentiment that initially faced opposition to acceptance by the general public. In addition, the El Salvador government offers various subsidies for the use of BTC, such as fuel subsidies and tax exemptions.
El Salvador has installed more than 200 crypto ATMs after adopting BTC as legal tender, making it the country with the third largest network of crypto ATMs after the United States and Canada. It has exceeded the number of British BTC ATMs since the establishment of these facilities, mainly to facilitate local BTC transactions and the transfer of BTC to US dollars.
The El Salvador government recently announced that it will build a veterinary hospital for $ 4 million using the profits made in the BTC market. According to President Bukele, the veterinary hospital will have four operating rooms, four emergency clinics, 19 offices and a rehabilitation area: “We have decided to invest part of this money in this: a veterinary hospital for our furry friends.”