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El Salvador President, Nayib Bukele Says Citizens Are Using More USD To Buy Bitcoins

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El Salvador President Nayyib Bukele shared two facts about the cryptocurrency wallet Chivo.

The inflow of funds in the accounts of citizens greatly exceeds the outflow. According to Nayib Bukele, Salvadorans often use Bitcoin ATMs installed around the country to convert their dollar savings into bitcoin.

This became especially noticeable during the price increase of Bitcoin. “People deposit much more USD than they withdraw using Chivo ATMs. Today alone, we have processed 24,076 payments, and the inflow of funds amounted to $3,069,761 in just one day, ”the President of El Salvador wrote on Twitter.


Currently, there are more than 200 crypto ATMs installed in the country that work with the Chivo state wallet.

The wallet has become really popular – at the end of September, more than 2 million residents of the country were using Chivo wallet. This is more than the largest bank in El Salvador. Of course, the popularity of the wallet is influenced by the action on the part of the authorities – each new user is given $30 in bitcoins.

The President of El Salvador emphasized the inflow of funds suggests that the country’s residents are interested in cryptocurrencies.

Recently it became known that the attraction of 30 USD as a BTC Bonus drew the attention of scammers. They steal personal data from Salvadorans in order to register with the Chivo wallet and receive a government grant of $30 in BTC.

Read Details: Scammers Are Exploiting Personal Data Of El Salvadorians To Install Chivo Wallet And Get $30 Bonus In BTC

Read more On El Salvador

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Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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