BlockchainLess dollars, more bitcoins, Salvadorans regain control

Less dollars, more bitcoins, Salvadorans regain control

alvadorans are investing more and more in Bitcoin to protect themselves from inflation. Bitcoins purchased with US dollars would exceed withdrawals, at the level of Chivo ATMs.

Bitcoin vs US dollar: Salvadorans take refuge from greenback inflation

Salvadorans are turning to Bitcoin as a hedging asset . They are increasingly converting their US dollars into Bitcoins to protect themselves from inflation . The President of El Salvador, Nayib Bukele, has also underlined the importance of Bitcoin deposits compared to withdrawals from Chivo ATMs  :

“People spend more US dollars (to buy BTC) than they get from Chivo vending machines. “

Bukele also referred to the high amount of daily transactions processed by Chivo  : 24,076 money transfer requests on the day of his tweet alone, “a total of $ 3,069,761.05 (in one day). “

Bitcoin adoption race in El Salvador: ATM Chivo, trade cuts, and volcanic mining

These figures seem to show a positive development in the sentiment of Salvadoran citizens in Bitcoin . The legalization of the latter was initially met with strong opposition from some Salvadorans . A Bitcoin ATM was even burned down during a protest.

The authorities, however, continued their efforts to encourage the adoption of Bitcoin by its citizens, despite these internal opposition to which are added threats from rating agencies or warnings from the UN and the IMF .

Bitcoin is thus in the process of “physically” covering the entire territory. El Salvador is indeed became the 3 rd country in the world with the most ATMs Bitcoin , ahead of the UK. The country has even gone so far as to install 50 Chivo vending machines for the Salvadoran diaspora in 10 cities in the United States . El Salvador’s rulers are also offering discounts of 20 cents of the US dollar on every gallon of fuel paid in Bitcoin to encourage citizens to adopt Bitcoin.

In this race for adoption, the President of El Salvador also unveiled at the end of September 2021, images of what appeared to be a Bitcoin mining farm powered by electricity generated by geothermal energy .

The Salvadoran government is now among the major investors buying troughs to fill up on Bitcoin at lower prices . If more Salvadoran citizens today seem inclined to hold Bitcoins, how will they react in the next major Bitcoin price retracement after the next bullish wave?

Matthew Leising
Matthew Leising
I cover market structure for News Alarms, specifically how the bond, derivatives, and cryptocurrency markets work or don't.

Latest news

Dubai to Witness the World’s Largest Web3 Conference: ABC Conclave to Unite Global Web3 Pioneers in Dubai World Trade Centre

Dubai, UAE, 17th September 2023, ZEX PR WIRE, ABC Conclave, is set to gather blockchain enthusiasts, industry leaders, and...

Empowering Web3 Developers: MetaTrust Labs’ Open-Source AI Engine Revolutionizes Security

Singapore, 16th September 2023, ZEX PR WIRE, In a groundbreaking move, MetaTrust Labs, a provider of Web3 AI security...

GasZero, Tencent Cloud International, and PolygonLabs Successfully Host Web3 Gaming Event in Singapore

Singapore, 13th September 2023, ZEX PR WIRE, The collaborative event titled ‘Token2049 Side Event,’ hosted by GasZero, the first blockchain...

Bitget Introduces Copy Trading: Simplifying Crypto for All

Victoria, Seychelles, 8th September 2023, ZEX PR WIRE, Bitget, one of the most popular cryptocurrency exchanges, is proud to...

Clayton’s Quality Tree Service LLC Announces Free Tree Removal Consultation Services for Deltona and Deland Residents

Deltona, Florida, 8th  September 2023, ZEX PR WIRE, Clayton’s Quality Tree Service LLC, a leading name in professional tree care services,...

SA Styles, a Ladies Formal Fashion Company, Sees A Surge In Positive Reviews After Increasing Investments In Customer Service

Los Angeles, California, 8th September 2023, ZEX PR WIRE, SA Styles, a prominent name in the lady’s formal fashion...

Must read

USD 19,500, the new key price of bitcoin to start an upward movement

Key facts: In the past, $19,500 has been a resistance...

Blockchain IDOs and Presales You Should Know About

There’s never a lack of new projects opportunities when...

The 10 rules to prepare for the crypto bear market by the savvy investor

While the Bitcoin and cryptocurrency market reached a record capitalization in...

Latin America’s E-commerce Giant Opens Up To Buying Bitcoin

Bitcoin (BTC) and cryptocurrencies are increasingly accepted every day for...

Binance Welcomes Arbitrum – Ethereum’s Second Layer!

For many months, the Ethereum (ETH) network has faced...

You might also like
Recommended to you