Salvadoreans are selling ‘a lot more’ US dollars in order to purchase Bitcoin

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

Based on El Salvador’s in-house wallet service data, Chivo, President Nayib Bukele announced this new development on Twitter. President Bukele made the following statement:

“People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs.”

He also encouraged media agencies to visit ATMs to check the mentioned issues. As a result, Chivo has recorded 24,076 remittance requests totaling $3,069,761.05 in one day, according to President Bukele.

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

El Salvador's bitcoin revolution needs to win the hearts of its own people  - neoBanking.info

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

According to a Cointelegraph article, El Salvador has surpassed the United Kingdom in terms of cryptocurrency ATM deployment, with 205 cryptocurrency ATMs installed, mostly to allow local Bitcoin transactions and Bitcoin to US dollar conversions.

The Salvadorean government recently stated that the bullish Bitcoin trend would establish a $4 million veterinary facility. The veterinary hospital will include four operating rooms, four emergency clinics, 19 offices, and a rehabilitation center, as per President Bukele:

“We decided to invest a part of that money in this: a veterinary hospital for our furry friends.”

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