The regular adoption of Bitcoin (BTC) in El Salvador is gaining momentum during an ongoing bull run as residents increasingly exchange their US dollar holdings for Bitcoin.

President Nayib Bukele shared this new development on Twitter based on data taken from El Salvador’s internal wallet service, Chivo. Chief Bukele says:

“People deposit far more US dollars (to buy #BTC) than they withdraw from Chivo ATMs.”
He also urged the media to independently confirm the above information by visiting ATMs. President Bukele also said Chivo reported 24,076 requests for payment “totaling $3,069,761.05 in one day.”

The increase in the conversion of US dollars to bitcoins within the jurisdiction reflects a shift in investor sentiment, which was initially met with opposition during public adoption. In addition, the government of El Salvador offers various subsidies for the use of bitcoins, such as fuel subsidies and tax breaks.

Related: El Salvador has the third-largest number of Bitcoin ATMs in the world, according to data

El Salvador has installed more than 200 ATMs after adopting bitcoin as a legal currency, making it the third largest crypto ATM after the United States and Canada.

A Cointelegraph report shows that El Salvador has outnumbered cryptocurrencies in the UK after launching 205 cryptocurrencies, mainly to facilitate local bitcoin transactions and convert bitcoins into US dollars.

The government of El Salvador recently announced the construction of a $4 million veterinary hospital, using the profits made in the bitcoin bull market. According to President Bukele, the veterinary hospital will have four operating rooms, four emergency rooms, 19 offices and a rehabilitation area: “We decided to invest some of that money in this: a veterinary hospital for our grumpy friends.”

Source: CoinTelegraph

LEAVE A REPLY