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Salvadorian Sells Off More Dollars To Buy Bitcoin

Notably, citizens are massively exchanging their United States Dollars savings to Bitcoin.

Bitcoin (BTC) adoption in El Salvador gains more attention and Strength.

Additionally, President Nayib Bukele reveals on Twitter a new development on the data from El Salvador’s in-house wallet service, Chivo.

President Bukele says,

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

Furthermore, He also urges media outlets to go ahead and confirm the information by visiting the ATMs. More so, President Bukele explains that Chivo has 24,076 remittance requests records
“adding up to $3,069,761.05 in one day.”

“2 new Chivo Facts:

“1. People are inserting way more USD Dollars (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

Furthermore, This massive Dollars to Bitcoin conversions show a shift in investor sentiment. However, this is after facing resistance during its adoption from the general public. Meanwhile, there are many subsidies for using Bitcoin like fuel subsidies and tax exemptions. This is bring investors to discard Dollars and go for Bitcoin.

EL Salvador Dollar ATMs

Also, El Salvador installs over 200 ATMs after adopting Bitcoin as a legal tender. This makes them the third-largest network of crypto ATMs after the United States and Canada.

As matter of fact, El Salvador exceeds the United Kingdom’s crypto ATM count after deploying 205 crypto ATMs. This is for speeding up local Bitcoin transactions and Bitcoin to U.S. dollars conversions.

Lastly, the Salvadoran government announces plans to build a $4 million veterinary hospital. Which of course, is by using the profits from the Bitcoin bull market investment.

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