Recently, El Salvador officially adopted bitcoin as currency. Now, President Nayib Bukele claims that citizens are purchasing more bitcoin than they are withdrawing from the country’s official Chivo Wallet ATMs, according to a report by Crypto Slate.
“Since yesterday, Salvadorans are inserting more cash (to buy #bitcoin) than what they are withdrawing from the @chivowallet ATMs,” Bukele said in a tweet. “And if we add remittances (almost $2 million per day), the incoming USD QUADRUPLES the outflow.”
Critics contest that government officials may only be telling the president what he wants to hear in regards to bitcoin adoption.
El Salvador is also trying to incentivize bitcoin usage by allowing a discount on gas purchased with the Chivo wallet.