President Bukele confirmed that Chivo received 24,076 remittance requests in one day, totaling $3,069,761.05.
During the ongoing bull run, El Salvador’s mainstream Bitcoin (BTC) adoption is gaining traction, with citizens increasingly exchanging their US dollar savings for BTC.
President Nayib Bukele announced the news on Twitter, citing data from El Salvador’s in-house wallet service, Chivo. Bukele stated:
“People are inserting significantly more USD (to purchase #BTC) than they are withdrawing from Chivo ATMs.”
He also urged media outlets to visit ATMs to independently confirm the above information. President Bukele went on to say that Chivo had received 24,076 remittance requests, totaling $3,069,761.05 in one day.
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 increase in dollar-to-Bitcoin conversions within the jurisdiction reflects a shift in investor sentiment, which was initially met with resistance from the general public during adoption. Furthermore, the Salvadoran government provides various subsidies for Bitcoin usage, such as fuel subsidies and tax exemptions.
After adopting Bitcoin as legal tender, El Salvador installed over 200 ATMs, making it the third-largest network of crypto ATMs after the United States and Canada.
El Salvador, surpassed the United Kingdom’s crypto ATM count after deploying 205 crypto ATMs, primarily to facilitate local Bitcoin transactions and Bitcoin-to-dollar conversions.
The Salvadoran government recently announced plans to build a $4 million veterinary hospital with profits from the Bitcoin bull market. The veterinary hospital, according to President Bukele, will have four operating rooms, four emergency clinics, 19 offices, and a rehabilitation area. “We decided to put some of that money toward this: a veterinary hospital for our four-legged friends.”