El Salvador president Bukele claims that a third of the citizens in the country are actively using the Chivo wallet, weeks after the country became the first country to adopt BTC as a legal tender. Today in our Bitcoin news, we are reading more about it.
The Salvadoran PResident Bukele claims that a third of his population is using the governemnt-backed Chivo wallet and even offered a glimpse into the success of teh country’s BTC journey. The controversial president updated his 2.9 million Twitter followers over the Weekend and claimed that the Chivo wallet has now more users than any bank in El Salvador after three weeks of operating. Bukele ven indicated that it is only a matter of time before the wallet adoption eclipses all of the banks in teh country combined.
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!#Bitcoin🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) September 25, 2021
The state-issued Chivo wallet launched in September as El Salvador recognized BTC as a legal tender which was a notable move that could offer an important case study for other countries in the region. Chivo enables businesses and individuals to send and receive payments in BTC or dollars from anywhere across the world. The wallet is available on both Apple and Android devices so Mexican cryptocurrency exchange Bitso signed on as the core service provider for Chivo.
Bukele’s latest update suggests that the BTC law is being recieved favorably across the country as hundreds of anti-government protestors took the streets to protest the laws. Most of the protests culminated in the burning down of a crypto kiosk in the capital city of the nation. The mass adoption of Chivo is due to the government airdropping $30 worth of BTC to every Salvadoran account holder. As per the recent survey from Sao Paolo-based agency Sherlock Communications which is more than half of Salvadorans having almost no knowledge about BTC. In the meantime, Bukele’s government was filing its accounts with BTC following a series of volatile price movements for the digital assets. El Salvador bought the dip on two recent price drops in September which is now bringing it close to 700 BTC in holdings.
As recently reported, El Salvador is the first nation to legally adopt Bitcoin and now owns 700 coins after the new purchase updated the president of the country and became another “buy the dip” moment as the BTC price dropped to $45K. Naybik Bukele, the president of El Salvador took it to Twitter to inform that the nation bought the dip by accumulating 150 new BTC.
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