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El Salvador’s President, Nayib Bukele, Claims That One-third Of The Country’s Population Uses The Bitcoin Wallet Chivo

After the government introduced bitcoin legal tender earlier this month, El Salvador President Nayib Bukele said that a third of the country’s population is actively utilising the Chivo cryptocurrency wallet.

Bukele tweeted over the weekend that the wallet was being used by 2.1 million Salvadorans. “Chivo is not a bank,” he explained, “but it now has more users than any bank in El Salvador and is rapidly approaching having more users than ALL BANKS IN EL SALVADOR COMBINED.” “This is wild!” he said.

 

Bukele’s statement is the latest piece of information about El Salvador’s contentious acceptance of bitcoin.

 

On September 7, El Salvador made bitcoin legal tender, requiring businesses to accept it as payment, but the transition was far from easy.

The International Monetary Fund slammed the decision, which was met with street protests by some Salvadorans. Bitcoin dropped dramatically on the day of the debut as the government had to take the Chivo wallet offline due to capacity issues.

 

Chivo is a bitcoin wallet available for Apple and Android phones that allows individuals and companies to send and receive bitcoin. Salvadorans were given $30 in bitcoin by the government, which they could access by downloading Chivo.

 

According to Bukele’s numbers, 2.1 million people use the wallet on a regular basis, indicating a mixed response from the country’s populace. It shows that two-thirds of the country is uninterested in utilising bitcoin.

 

Bukele, whom many regard as an authoritarian leader, has stated that making bitcoin legal tender will improve access to financial services and lower remittance costs for Salvadorans living overseas.

 

El Salvador’s action has been dubbed a “ill-conceived experiment” by JPMorgan. According to the bank, crypto assets are extremely volatile, and prices in stores are expected to vary drastically.