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Bitcoin Stays Above the $60k level as Roughly 46% Salvadorians Convert their USD to BTC.

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Bitcoin banners are seen outside of a small restaurant at El Zonte Beach in Chiltiupan, El Salvador June 8, 2021. REUTERS/Jose Cabezas
  • Those who use the Chivo wallet to buy fuel in El Salvador get a $0.2 discount per gallon.
  • There is also a tax waiver for every profit made through Bitcoin trading.

The number of El Salvador citizens converting portions of their USD to Bitcoin continues to increase each day. According to the country’s president, more people continue to remit funds into the country in form of Bitcoin. While the adoption of BTC as a legal tender in El Salvador has not been easy, the process is showing positive growth. Below is a tweet from Nayib Bukele, the president of El Salvador;

 image from Twitter

With more Salvadorians making USD to BTC conversions, positive sentiment for the cryptocurrency continues to gain ground in the country. Worried about the future of the country’s economy and the strength of their fiat, many citizens had an initial opposition to the adoption. By offering subsidies to those who use BTC, the government is progressively luring its citizens to embrace this change.

Those who use the Chivo wallet to buy fuel in El Salvador get a $0.2 discount per gallon. There is also a tax waver for every profit made through Bitcoin trading.

While it was estimated that roughly 12% of the citizens used BTC for transactions in the first month of adoption, an estimated 46% Salvadorians had made USD to BTC conversions by the 17th of October 2021.

However, the adoption of BTC for merchant purposes is relatively low.

 

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