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BTC has achieved in 1 month what the banking sector has failed in 40 years

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Salvadoran experiment with BTC
Source: Shutterstock, Orpheus FX

El Salvador survived recent events that began to raise public concerns about the possible growing power of the protests. However, the situation seems to have calmed down slightly.

El Salvador and BTC

Recent figures show that up to a quarter of El Salvador have started using their wallets Chivo. It’s about 1.6 million users out of a total population of 6.5 million. The country’s president, Nayib Bukele, also praised this important report.

The biggest break came during the weekend, when up to 1.1 million users downloaded Chivo’s wallet. El Salvador has finally opted for full acceptance of BTC. The numbers are clear. Bukele added a very interesting fact. It’s been about a month since BTC has been officially used as legal tender. Since then, the expansion of BTC has been greater than the standard banking sector in 40 years.

“1.1 million Salvadorans already use the Chivo wallet, and we have not yet activated 65% of the phone models. It seems that in 1 month we can reach more people with BTC than has been possible with the nationalization and privatization of traditional banks in 40 years. ”

The country is divided into two camps

It seems that a certain part of the population will never accept President Bukele’s experiment. Although the protests were moderate from the beginning, they gained momentum over time. The opposition, and in particular some of the ordinary people who have it minimum wage, do not agree with the high price volatility of BTC. According to them, cryptocurrencies are not for the general population who cannot afford to lose their pay.

The beginnings of such a large project, of course, did not go without certain complications. And that was a chance for the opposition to seize the opportunity.

The President of El Salvador has absolute certainty

Bukele is sure of his decision. This is evidenced by his latest purchase of BTC. Overall, the country currently has up to 700 BTC.

In any case, the path of El Salvador is clear and cannot be returned just like that. We will therefore closely monitor the development and future of the experiment.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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