Nayib Bukele, Salvadoran President, claims that Chivo is used by 2.1 million citizens. This gives a glimpse at the apparent success of the country’s Bitcoin (BTC).
After just three weeks of operation, the controversial president posted a status update to his 2.9 million followers on Twitter Saturday afternoon. He claimed that Chivo now has “more users than any bank El Salvador”. Bukele said that Chivo adoption will soon surpass all El Salvador banks.
Chivowallet is being used by 2.1 million Salvadorans (not downloading). Although Chivo isn’t a bank, in just three weeks it has more users than any other bank in El Salvador. It is also moving quickly to have more users than ALL BANKS IN EL SALVADOR. This is crazy! #Bitcoin
— Nayib Bukele (@nayibbukele) September 25, 2021
El Salvador recognized Bitcoin as legal tender in September, and the state-issued Chivo wallet was launched. This landmark decision could be a model for other countries in this region. Chivo allows individuals and businesses to send or receive money in Bitcoin and dollars anywhere in the world. It is compatible with both Android and Apple smartphones. Cointelegraph reported that Bitso, a Mexican cryptocurrency exchange, has been appointed core service provider for Chivo.
Related: S&P Global warns that El Salvador’s credit rating could be affected by Bitcoin adoption
Bukele’s most recent update indicates that the Bitcoin Law has been received well across the country, even though hundreds of protestors marched to the streets in opposition. The nation’s capital was the scene of the protests that culminated in the destruction of a crypto kiosk.
The government’s $30 worth of BTC airdropped to all Salvadoran account holders is a major factor in the mass adoption of Chivo. A recent survey by Sherlock Communications in Sao Paulo found that slightly over half of Salvadorans are not familiar with Bitcoin.
Bukele’s government, in the meantime has been buying bitcoin to supplement its funds after a series volatile price swings. El Salvador “bought a dip” after at least two price drops, Sept. 7th and 20th respectively — increasing its total holdings of 700 BTC.
Eileen Wilson –Technology and Energy
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