El Salvador’s mainstream Bitcoin acceptance gains momentum during the ongoing bull run as citizens increasingly exchange their US dollar savings for Bitcoin.
The President shared this new development on Twitter based on the data acquired from El Salvador’s in-house wallet service, Chivo. He also advised media outlets to independently confirm the above information by visiting the ATMs. President Bukele further stated that Chivo has reported 24,076 remittance requests “adding up to $3,069,761.05 in one day.”
The increase in USD to Bitcoin conversions within the jurisdiction reflects a change in investor sentiment, which originally faced opposition during adoption from the general public. The government also offers various subsidies for using Bitcoin such as fuel subsidies and tax exemptions.
At present El Salvador has installed over 200 ATMs after adopting Bitcoin as a legal tender, making it the third-largest network of crypto ATMs after the United States and Canada.
