In just three weeks, nearly a third of the population of El Salvador started actively using the Bitcoin Chivo wallet. As such, the head of state has updated that more people will soon be using the app than they will have bank accounts at all local banking institutions combined.
- The smallest and most populous country in Central America made history earlier this year when it announced that it would legalize bitcoin within its borders.
- The move received several controversial conclusions, from BTC proponents praising it to global organizations such as the International Monetary Fund that criticized it.
- However, El Salvador has already legalized and voted for Bitcoin to be legal tender, which became official on September 7.
- Although some reports claim that there have been demonstrations against the decision, the country has bought 700 bitcoins on a few occasions.
- When legalizing BTC, President Nayib Bukele promised locals that they could get $30 worth of the asset if they downloaded a Bitcoin wallet called Chivo.
- The launch of the app didn’t go without technical issues, but with the boss updating frequently, the engagement levels were really impressive.
- Bukele noted on Saturday that 2.1 million people are already actively using the wallet (not just downloading). As of 2019, the total population was 6.5 million – which means more than 30% of the local population uses the app.
- Moreover, Bukele said that despite this relatively short three-week period, the wallet “has more users than any bank in El Salvador and is moving quickly to get more users than all banks in El Salvador combined.”
2.1 million Salvadorans actively use Tweet embed (not downloads).
Chivo is not a bank, but in less than 3 weeks it now has more users than any bank in El Salvador and is moving fast to have more users than all banks in El Salvador.
This is brutal!# bitcoin🇸🇻
– Nayib Bukele 🇸🇻 (nayibbukele) September 25, 2021
Featured image courtesy of Al Jazeera
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