Mainstream Bitcoin in El Salvador (Bitcoin) During the ongoing bull market, as citizens increasingly convert their U.S. dollar savings into Bitcoin, adoption has gained momentum.
President Nayib Bukele shared this new development on Twitter based on data obtained from Salvador’s internal wallet service Chivo.President Booker Said:
“People put in more dollars (buy #BTC) than they withdraw from Chivo ATMs.”
He also urged the media to independently confirm the above information by visiting the ATM. President Bukele further stated that Chivo had reported 24,076 remittance requests, “an increase of 3,069,761.05 USD in one day.”
2 new Chiwo facts:
1. People put in more dollars (buy #BTC) Instead of withdrawing money from Chivo ATM (any media can independently confirm this by accessing the ATM).
2. Today, we received 24,076 remittances totaling 3,069,761.05 USD (within one day).
-Nayib Bukele (@nayibbukele) October 16, 2021
The increase in the exchange rate of USD to Bitcoin within the jurisdiction reflects the change in investor sentiment, which reflects the change in investor sentiment. Initial resistance encountered in the adoption process From the public.In addition, the Salvadoran government provides various subsidies for the use of Bitcoin, such as Fuel subsidy with duty free.
El Salvador has installed more than 200 ATMs after adopting Bitcoin as its legal currency, making it the third largest encrypted ATM network after the United States and Canada.
A report by Cointelegraph showed that El Salvador surpassed the number of encrypted ATMs in the UK after deploying 205 encrypted ATMs, mainly to facilitate local Bitcoin transactions and the conversion of Bitcoin to U.S. dollars.
Recently, the Salvadoran government announced that it will US$4 million in veterinary hospital usage profit Acquired during the Bitcoin bull market. According to President Bukele, this veterinary hospital will have 4 operating rooms, 4 emergency rooms, 19 offices and a rehabilitation area: “We decided to use part of the funds for: a veterinarian for our furry friends Hospital.”