According to Salvadoran President Nayib Bukele, there are now 1.6 million Salvadorans, about 25% of the population using the BTC Chivo wallet.
In a tweet sent on September 20, 2021, President Nayib Bukele provided an update on how the country adopted a new national application for BTC, Chivo Wallet.
1.6 millones de salvadoreños ya utilizan @chivowallet 🥳
And following…#BTC🇸🇻
– Nayib Bukele 🇸🇻 (@nayibbukele) September 20, 2021
Likewise, the adoption of BTC in El Salvador is accelerating, with the President announcing that by Friday, September 17, 2021, 1.1 million Salvadorans had registered for the application.
1.1 millines de salvadoreños ya utilizan @chivowallet (and no more than 65% of the telephone models).
However, we will be able to bank more than 1 month, for those with nationalizations and privatizations of the traditional bank in 40 years.#BTC🇸🇻
– Nayib Bukele 🇸🇻 (@nayibbukele) September 18, 2021
Given that BTC did not become legal tender in the country until September 7, 2021, these numbers are impressive. This means that almost a quarter of El Salvador’s population has access to banking simply by signing up for a program that gives them access to BTC.
Nearly 70 percent of the active population was without a fiat account before accepting BTC as legal tender, but digital assets are now permanently transforming financial geopolitics here.
Many Salvadorans are still hesitant
Despite the growth, many citizens still have a problem with trust. It is true that so far many Salvadorans do not believe in Bitcoin, with most people – 70% – saying they do not want to use BTC for regular transactions.
President Bukele opposed the International Monetary Fund (IMF), which has expressed concern that Bitcoin and other cryptocurrencies are becoming national currencies.
Recently, President Nayib Bukele revealed that the Central American country bought 150 BTC over the weekend worth about $ 6.7 million at current exchange rates.
He announced it on Sunday night, shortly after BTC’s price dropped from $ 48,000 to $ 46,000.
We just bought the dip.
150 new coins!
El Salvador now holds 700 coins.#BTC🇸🇻
– Nayib Bukele 🇸🇻 (@nayibbukele) September 20, 2021
Conclusion
El Salvador is paving the way for other nations to accept Bitcoin, countries like Cuba and Ukraine are beginning to recognize and regulate cryptocurrencies.
Ultimately, however, it remains to be seen whether the Salvadorans will accept BTC. There is certainly a need for more progress in education, which requires the joint efforts of the private sector and governments.
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