The President of El Salvador, Nayib Bukele, claimed that his 2.1 million compatriots are using the government-backed Chivo cryptocurrency wallet, which gives us a glimpse into the apparent success of Bitcoin in the country (Bitcoin) Start.
Controversial president renew On Saturday afternoon, he had 2.9 million followers on Twitter, claiming that Chivo “now has more users than any bank in El Salvador” after only three weeks of operation. Bukele stated that it is only a matter of time before Chivo’s adoption rate exceeds that of all banks in El Salvador combined.
2.1 million Salvadorans are actively using @chivowallet (Not downloading).
Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador, and it is developing rapidly to have more users, which is the sum of all banks in El Salvador.
This is wild!#Bitcoin
-Nayib Bukele (@nayibbukele) September 25, 2021
The Chivo Wallet issued by the state was launched in early September as El Salvador officially recognizes Bitcoin as legal tender -A landmark initiative that can provide important case studies for other countries in the region. Chivo enables individuals and businesses to send and receive payments in Bitcoin or U.S. dollars from anywhere in the world. The wallet can be used on Android and Apple devices.As reported by Cointelegraph, the Mexican cryptocurrency exchange Bitso has signed Chivo core service provider.
Bukele’s latest update shows that although hundreds of anti-government protesters took to the streets to express their opposition, the Bitcoin law was well received across the country. On September 15, these protests Burn the encrypted kiosk In the capital of the country.
To be sure, part of the reason for the mass adoption of Chivo is The government airdropped $30 worth of BTC To every El Salvador account holder. According to a recent survey by Sherlock Communications, a Sao Paulo agency, Slightly more than half of Salvadorans Not familiar with Bitcoin.
At the same time, after a series of fluctuations in the price of Bitcoin, the Buckler government has been filling the treasury with BTC. El Salvador has “buy” in at least two recent price drops- September 7 with September 20 -Make its total holdings reach 700 BTC.