Home News Salvadoreans are now selling ‘way more’ US Dollars to buy Bitcoin

Salvadoreans are now selling ‘way more’ US Dollars to buy Bitcoin

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Chivo has recorded 24,076 remittance requests, totalling $3,069,761.05 in a single day, according to President Bukele.

During the current bull run, El Salvador’s mainstream Bitcoin (BTC) adoption is gaining traction as citizens increasingly convert their US dollar savings for Bitcoin.

Besides, based on data obtained from El Salvador’s in-house wallet service, Chivo, President Nayib Bukele announced this new development on Twitter. The Salvadoran President stated:

“People are putting in a lot more USD (to buy #BTC) than they are taking out of Chivo ATMs.”

He also encouraged news organisations to visit ATMs and independently verify the aforesaid facts. In fact, Chivo has recorded 24,076 remittance requests, totalling $3,069,761.05 in a single day, according to President Bukele.

Fuel Subsidies and tax exemptions

The surge in USD to Bitcoin conversions in the jurisdiction shows a shift in investor attitude. Which was first met with opposition from the general public during adoption. Furthermore, the Salvadorean government provides numerous benefits for Bitcoin users, including fuel subsidies and tax exemptions.

Behind accepting Bitcoin as legal money, El Salvador has built over 200 ATMs, giving it the third-largest network of crypto ATMs after the United States and Canada.

El Salvador has surpassed the United Kingdom in terms of crypto ATM deployment. With 205 crypto ATMs installed, mostly to allow local Bitcoin transactions and Bitcoin to US currency conversions, according to a study.

A veterinary hospital

The Salvadorean government recently stated that proceeds from the Bitcoin bull market will be used to establish a $4 million veterinary facility. The veterinary hospital will include four surgical rooms, four emergency clinics. As well as 19 offices, and a rehabilitation facility, according to President Bukele. “We choose to put a portion of that money towards this.” “A veterinary hospital for our four-legged companions”.

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