Salvadorans are now selling a lot of dollars to buy Bitcoin
By Admin
The prevailing Bitcoin (BTC) adoption movement in El Salvador has become more active during the ongoing bull run as citizens increasingly exchange their US dollar savings for BTC. President Nayib Bukele shared this new development on Twitter based on data obtained from El Salvador's internal wallet service Chivo.
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 “People are depositing more dollars (to buy BTC) than they are withdrawing from Chivo ATMs,” Bukele said. He also urged the media to independently confirm the above information by visiting ATMs. President Bukele further stated that Chivo reported 24,076 transfer requests, “adding up to $3,069,761.05 in one day.”
The increase in dollar-to-Bitcoin conversions within the jurisdiction reflects a change in investor sentiment. Which initially faced opposition while being accepted by the general public. Furthermore, the Salvadoran government provides various supports for the use of Bitcoin such as fuel subsidies and tax breaks.
El Salvador has installed more than 200 ATMs after adopting Bitcoin as legal tender. This makes it the third largest network of cryptocurrency ATMs after the United States and Canada. As reported by Cointelegraph, El Salvador has surpassed the number of crypto ATMs in the United Kingdom.
After deploying 205 cryptocurrency ATMs, to facilitate local Bitcoin transactions and Bitcoin-to-dollar transfers. As we previously published, the Salvadoran government announced that it will build a $4 million veterinary hospital. Using profits made during the Bitcoin bull market.
According to President Bukele, the veterinary hospital will host four operating rooms, four emergency clinics, 19 offices and a rehabilitation area. He added “We decided to invest part of this money in this: a veterinary hospital for our furry friends.”
Source
DROPIDEA
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