CRYPTO

Salvadors are now selling ‘more’ US dollars to buy bitcoin

El Salvador’s adoption of mainstream Bitcoin (BTC) is gaining momentum during the bull run as citizens are increasingly exchanging their US dollar savings for BTC.

President Naib Bukle shared the new development on Twitter, based on information obtained from El Salvador’s internal wallet service, Chivo. Buckle Said:

“People are spending more dollars (to buy #BTC) than they are withdrawing from Chivo ATMs.”

He urged the media to go to ATMs and independently verify the above information. President Buckley added that Chivo reported 24,076 remittance requests, “adding 3, 3,069,761.05 in one day.”

The increase in dollar-to-bitcoin conversions within the jurisdiction reflects a change in investor attitudes, which initially faced resistance during adoption from the general public. Moreover, the government of Salvador provides various subsidies for the use of Bitcoin, such as fuel subsidies and tax exemptions.

Related: El Salvador ranks third in global Bitcoin ATM installations, data available

El Salvador has installed more than 200 ATMs since accepting Bitcoin as a legal tender, making it the third largest network of crypto ATMs after the United States and Canada.

As Cointelegraph reports, El Salvador has surpassed the UK’s crypto ATM count since setting up 205 crypto ATMs, primarily to facilitate local bitcoin transactions and bitcoin-to-dollar conversions.

Recently, the government of Salvador announced that it would build a 4 million veterinary hospital using profits from the Bitcoin bull market. According to President Buccaneer, the veterinary hospital will operate four operating rooms, four emergency clinics, one office and one rehabilitation area. “We decided to invest a portion of this money: a veterinary hospital for our hairy friends.”