Key Takeaways
- Over 30% of Salvadorans are actively using the Bitcoin wallet Chivo.
- El Slavador was the first nation to recognize Bitcoin as legal money.
- While the country's interest in Bitcoin is increasing, its citizens are not.
About a third of El Salvador's population has begun actively using the Bitcoin wallet Chivo in only three weeks.
Because of this, the country's president said that the app would soon have more users than all of the country's banks combined.
Early this year, the Central American nation with the lowest population and highest density said it will allow bitcoin inside the country's boundaries.
Many people were divided on the decision, with some applauding it and others condemning it, including Bitcoin proponents and international institutions like the International Monetary Fund.
Yet El Salvador went ahead and made bitcoin legal currency on September 7th, making it the first country in the world to do so.
Despite some claims to the contrary, the government has bought 700 bitcoin on a few times despite the protests.
President Nayib Bukele told residents that if they downloaded a Bitcoin wallet named Chivo when the country legalized the digital currency, they would get $30 in the form of the digital asset.
Although there have been some technical difficulties since the app's debut, the amount of interaction has already been remarkable, as the president has regularly updated.
2.1 million individuals are already actively utilizing the wallet, according to Bukele, who spoke on the matter on Saturday (not just downloaded).
There were 6.5 million people living in the city as of 2019, thus the app is used by more than a third of the residents.
Bukele also said that despite the wallet's brief lifespan of three weeks, it "has more users than any El Salvadorian bank and is rapidly heading toward having more users than all El Salvadorian banks combined."
What can you say about El Salvador’s Bitcoin adoption rate?
