Salvadorans are now purchasing whole lot more Bitcoin in USD

Amid the continuing bull run, El Salvador’s conventional Bitcoin (BTC) usage grows as people swap their US dollar savings for Bitcoin. The president of El Salvador, Nayib Bukele, announced this new development on Twitter based on data collected by El Salvador’s in-house 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

According to President Bukele, people are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs.  This suggests that instead of withdrawing their USD savings in local currency, Salvadorans are buying BTC with it.

Furthermore, he recommended that journalists independently verify the facts presented above by visiting ATMs. President Bukele also claimed that Chivo has submitted 24,076 remittance requests “resulting in $3,069,761.05 in one day.”

A change of heart towards bitcoin

The government of El-Salvador allows people to use Bitcoin and they offer fuel and tax exemptions. That means that people can save money on gas and taxes which is good. The growing number of USD to Bitcoin conversions within a country is reflective of an altered investor sentiment, which began with initial resistance from the general public as they adopted bitcoin.

The resistance gradually turned into curiosity and then finally shifted to a more appreciative mindset. This was following a period of time after which there were few or no more negative media reports about this cryptocurrency. Ordinary individuals who were unfamiliar with bitcoin and cryptocurrency prior to now regard it as a secure haven for their savings and a viable alternative to traditional money transfers.

El Salvador is home to the third-most crypto ATMs in the world

El Salvador has the third-largest number of crypto ATMs in the world, behind only the United States and Canada, with 205 such machines in nine cities. Since 2013, when there were less than 1,000 worldwide, Bitcoin ATM usage has been increasing gradually.

Today, there are more than 29,000 crypto ATMs throughout the world, according to Coinatmradar, a website that tracks cryptocurrency ATMs. The global total of crypto ATMs presently stands at 29550 different locations.