Salvadoran President Nayib Bukele claims that 2.1 million of his fellow citizens use the government-backed crypto wallet Chivo. It thus points to the obvious success of introducing BTC as legal tender.
The controversial president updated on Saturday afternoon status for its 2.9 million followers on Twitter. He claimed that Chivo “now has more users than any bank in El Salvador” after only three weeks of operation. Bukele indicated that it is only a matter of time before adoption Chivo overshadows all banks in El Salvador.
2.1 million Salvadorans are ACTIVELY USING @chivowallet (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 that ALL BANKS IN EL SALVADOR combined.
This is wild!#BTC🇸🇻
– Nayib Bukele 🇸🇻 (@nayibbukele) September 25, 2021
State-issued wallet Chivo was launched in early September, when El Salvador officially recognized BTC as legal tender. This is a milestone that could offer an important case study for other countries. Chivo allows individuals to and business send and receive payments in BTC or dollars from anywhere in the world. The wallet is available for both Android and Apple devices. The Mexican cryptocurrency exchange Bitso has signed up as the main service provider for Chivo.
BTC is welcome in El Salvador
The BTC Act is well received throughout the country, although hundreds of anti-government protesters took to the streets to express their disapproval. On September 15, these protests culminated in the burning of a crypto ATM in the country’s capital.
The mass adoption of Chivo is partly due to the fact that the government of each Salvadoran account holder handed over BTC worth $ 30. According to a recent survey by Sherlock Communications based in Sao Paulo, a little more than half of the citizens know nothing about Bitcoin.
Meanwhile, the government is filling the treasury with BTC after a series of fluctuating price fluctuations. El Salvador shopped during the downturn September 7 and September 20. This makes his overall possession got to 700 BTC.