It would seems like the people of El Salvador are warming up to Bitcoin being the country’s official legal tender as Salvodorans started hoarding more Bitcoins than withdrawing from Chivo ATMs — a fact that was recently highlighted by El Salvodor president Nayib Bukele.
And if we add remittances (almost $2 million per day), the incoming USD QUADRUPLES the outflow.
This is very surprising so early in the game.
— Nayib Bukele 🇸🇻 (@nayibbukele) October 7, 2021
This indicates that the citizens are currently focused on acquiring Bitcoin than spending them. Doing so might allow them to better hedge against any inflation that could arise with the country’s fiat currency.
Critics opined that government officials may only be telling the president what he wants to hear in order to please him. However, in spite of the naysayers’ claims, it is clear that El Salvador’s Bitcoin movement has received more support than opposition from the crypto community.
Recently, the government led by Bukele announced a discount on petrol that is bought via the Chivo wallet in an effort to incentivise Bitcoin usage.