El Salvador’s Bitcoin adoption is gaining traction as citizens are trading their US dollar savings for Bitcoin, the President Bukele confirms that Chivo has reported 24,076 remittance requests, adding up to $3,069,761.05 in one day.
Based on data obtained from El Salvador’s in-house wallet service, Chivo, President Nayib Bukele revealed 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 requested media reporters to visit ATMs to independently validate the above information. Chivo has recorded 24,076 remittance requests totalling $3,069,761.05 in one day, according to President Bukele.
2 new Chivo Facts:
1. People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs (any media outlet can independently confirm this by visiting the ATMs).
2. Today, we received 24,076 remittances, adding up to $3,069,761.05 (in one day).
— Nayib Bukele (@nayibbukele) October 16, 2021
The rise in USD to Bitcoin conversions in the jurisdiction demonstrates a shift in investor opinion, which was previously met with reluctance from the general public during adoption.
Furthermore, the Salvadorean government provides several incentives for Bitcoin users, including fuel subsidies and tax exemptions.
Behind recognizing Bitcoin as legal cash, El Salvador has erected over 200 ATMs, giving it the third-largest network of crypto ATMs after the United States and Canada.
According to a Cointelegraph report, El Salvador has surpassed the United Kingdom in terms of crypto ATM deployment, with 205 crypto ATMs installed, mostly to support local Bitcoin transactions and Bitcoin to US dollar conversions.
The Salvadorean government recently stated that revenues from the Bitcoin bull market will be used to establish a $4 million veterinary facility.
The veterinary hospital will have four surgical rooms, four emergency clinics, 19 offices, and a rehabilitation area, according to President Bukele: “We decided to invest a part of that money in this: a veterinary hospital for our animal friends.”