The opposing stance some El Salvadorans had regarding Bitcoin adoption in the country is gradually changing. The president, Nayib Bukele, has reported that many people from the country are now converting more of their US dollar savings into the leading cryptocurrency, which has been on the rise for quite some days now. 

Chivo Records More USD-to-BTC Conversion

In a tweet on Friday, president Bukele noted that the native cryptocurrency wallet Chivo now sees more US dollar conversions to Bitcoin than withdrawals from the ATMs. He said anyone, including media outlets, can “independently confirm this by visiting the ATMs.”

While the increase in the USD-to-BTC conversion attests to the growing use and adoption of crypto in the country, it is probably propelled by the increasing price of Bitcoin or the need to hedge against inflation. 

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President Bukele also showed that Bitcoin is becoming the preferred remittance channel for many El Salvadorans. He noted that the Chivo wallet received 24,076 remittances within the past day, which added up to $3,069,761.05. Transactions on Chivo are faster and cheaper, given that the wallet is integrated with the Lightning Network.

El Salvador’s Big Bet in Bitcoin

Not only is El Salvador a crypto-friendly nation, but the government also adopted Bitcoin as part of the legal tender, making history as the first country to do so all over the world. The government also enabled lots of incentives and facilities to bootstrap the adoption of Bitcoin, including launching about 200 crypto ATMs. 

In addition to that, the country added Bitcoin to its balance sheet. As of September 20, El Salvador had a total of 700 BTC to its name, which is currently worth over $43 million, following the current price of Bitcoin at $61,587. Not only El Salvador, but about 99 percent of all Bitcoin in circulation are in a state of profit. The numbers are expected to increase just as the price continues to grow.