Salvadoreans selling ‘way more’ US Dollars to buy Bitcoin, shows ATM data

Salvadoreans selling ‘way more’ US Dollars to buy Bitcoin, shows ATM data

According to the latest reports, El Salvador is mainstreaming Bitcoin (BTC) as the adoption rates among Salvadoreans gain momentum during the ongoing bull run.  

President Nayib Bukele has shared this new development on Twitter, informing that El Salvador’s citizens are increasingly exchanging their United States dollar savings for Bitcoin tokens. The data has been acquired by the country’s in-house wallet service, Chivo.

Bukele has also urged media outlets to confirm the information independently by visiting the countrywide Bitcoin ATMs. He further said that Chivo has, as of now, reported 24,076 remittance requests “adding up to $3,069,761.05 in one day.”

The increase in USD to Bitcoin conversions in El Salvador within the jurisdiction reflects a welcome change in investor sentiment as the adoption had initially been facing nationwide resistance. Moreover, the Salvadorean government has also offered various subsidies for using Bitcoin in facilities like fuel subsidies, tax exemptions, and more. 

While implementing Bitcoin as a legal tender, El Salvador had installed more than 200 ATMs, thus making it the third-largest network of crypto ATMs in line with the United States and Canada.

A report by Cointelegraph shows that El Salvador has exceeded United Kingdom’s crypto ATM count after it has deployed 205 crypto ATMs, mainly for facilitating local Bitcoin transactions and Bitcoin to USD conversions.

In a piece of very recent news, the Salvadorean government had announced building a $4 million veterinary hospital from the profits attained during the Bitcoin bull market.

As per President Bukele’s official statement, the veterinary hospital would host four emergency clinics, four operating rooms, 19 offices, and a rehabilitation area. He was quoted saying that a part of the profits money would be invested in “a veterinary hospital for our furry friends.”