InstaForex

October 18, 2021

Bitcoin (BTC) Acceptance Begins Phenomenon In El Salvador!

 Unconsciously, it has been more than a month since El Salvador officially launched Bitcoin (BTC) as a legal tender starting September 7.


In line with that period, the interest rate among the population of the country showed a remarkable increase.


In a recent tweet by El Salvador’s president, Nayib Bukele revealed a local crypto wallet app, Chivo recorded around 24,076 money transfers, bringing the total to $ 3,069,761.05 a 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 πŸ‡ΈπŸ‡» (@nayibbukele) October 16, 2021



Not only that, the amount of USD to BTC conversion increased sharply compared to the rate of asset withdrawal from Chivo ATMs nationwide.


Indirectly, the report proves that around 70% of the people who previously disliked Bukele's idea began to be interested and attracted to BTC.


In any case, the implementation of BTC in the economy of El Salvador is not as easy as expected because Bukele is facing criticism from skeptics who consider the proposal only invites great risks.


The opposite happened when now the country's population who use Chivo wallets recorded the highest level compared to the local bank account usage record.


Perhaps some interesting factors such as: the receipt of subsidies for ordinary activities, and the offer of discounts for the purchase of fuel have invited their interest.


At the time of writing, BTC is trading at $ 62,078 with a 1.56% increase in 24 hours.