Bitcoin is enjoying increased adoption around the world which might be pushing prices higher. El Salvador’s mainstream Bitcoin (BTC) adoption has appeared to gain lots of momentum in the current bull run as the citizens majorly exchange their United States dollar savings to invest in Bitcoin.
In that context, President Nayib Bukele has confirmed that Chivo has reported up to 24,076 remittance requests within a day adding up to $3,069,761.05. The president shared the new development on Twitter according to the data acquired from El Salvador’s in-house wallet service. He said:
“People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs.”
He also encouraged the media outlets to independently confirm that the information he published is true by visiting the ATMs. Bukele also said that Chivo is experiencing a lot of activity as the current bull run continues.
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 surge in US dollar to Bitcoin conversions within the country shows a major change in investor sentiment. At first, the Bitcoin adoption was combated with resistance from the general public. Furthermore, the nation’s government provides several subsidies for using BTC such as tax exemptions and fuel subsidies.
El Salvador has installed more than 200 ATMs after it adopted BTC as a legal tender. This move made it the third-biggest network of cryptocurrency ATMs after Canada and the United States.
Previous reports show that El Salvador exceeded UK’s crypto ATM count after it deployed 205 crypto ATMs. The machines were installed to facilitate local BTC transactions and Bitcoin to USD conversions.
Several days ago, the Salvador government said that it is building a $4 million veterinary hospital using the profits acquired during the Bitcoin bull market. Based on a statement by the president, the veterinary hospital will host up to four emergency clinics, a rehabilitation area, four operating rooms, and 19 offices:
“We decided to invest a part of that money in this: a veterinary hospital for our furry friends.”