El Salvador became the first sovereign country to use Bitcoin as a legal tender, making history. The official adoption on September 7 thrilled the entire space, as it marked a major advancement for BTC. Digital assets in their teens have grown from a relatively unknown Internet coin to the official legal tender of a country.
Since then, El Salvador has made great strides with Bitcoin. After the country’s first purchase called “Bitcoin Day”, the country gradually increased its stake in BTC. The adoption of Chivo, the government-issued Bitcoin wallet, has grown rapidly as residents of the country took advantage of the $30 sign-up bonus.
It seems that the speed of adoption is faster than expected. Only two months after the law went into effect, President Nayib Bukele disclosed the number of citizens using Bitcoin.
The usage rate of BTC wallet exceeds that of banks
President Nayib Bukele provided the latest information at various stages after the adoption of Chivo.Number hit More than one million users in the first ten days After September 7th. In the next few weeks, residents who began to accept cryptocurrency adopted this cryptocurrency more.
BTC price drops down to low $60,000s | Source: BTCUSD on TradingView.com
Bitcoin was introduced to ensure that Salvadoran residents (most of whom do not have bank accounts) have access to services that would otherwise be locked out. The Salvadorans seem to have taken full advantage of this.
Bukele announced on Twitter that as of November 15, the number of people using Bitcoin wallets exceeded the number of people holding bank accounts.
There is a country on the earth and more people use it #Bitcoin Wallet instead of bank account.
Nothing at all. https://t.co/bZb4M6XZZZ
-Nayib Bukele 🇸🇻 (@nayibbukele) November 15, 2021
This tweet is in response One from Bitcoin.com Shows that the vendor accepts BTC for street food. In addition to Bitcoin, citizens of the country still use U.S. dollars, but this cryptocurrency seems to be popular even in rural areas.
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El Salvador’s support for Bitcoin is not just about making it legal tender. The country has also purchased digital assets to demonstrate its commitment to long-term growth. The first purchase in history was the purchase of 200 BTC on the day the law went into effect. Promise to buy more BTC, which has been completed in the next two months.
The latest iteration of the country’s purchase of BTC was two weeks ago Purchased 420 BTC for $25 millionBitcoin fell during this period and the country took advantage of this situation to increase its Bitcoin reserves, bringing its total holdings to 1,120 BTC.
The world is still looking forward to El Salvador to see how the use of cryptocurrency as legal tender will work in the long term. Currently, this country seems to be doing well and adapting to the new normal of using digital currencies as legal tender.
Featured image from Permission.io, chart from TradingView.com