2.1 million Salvadorans, according to El Salvador President Nayib Bukele, use the government-backed Chivo cryptocurrency wallet, indicating the country’s Bitcoin (BTC) gamble has been a success.
After only three weeks of operation, the controversial president claims that Chivo already has more users than any bank in El Salvador in an update to his 2.9 million Twitter followers on Saturday afternoon.
Chivo App Outpaces El Salvadorian Banks?
Bukele predicted that in the near future, adoption of Chivo would outpace that of all El Salvadorian banks 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
El Salvador accepted Bitcoin as legal currency in early September, and the Chivo wallet was the first to be released as a result. This was a significant step that may serve as a model for other nations in the area. Chivo makes it possible for anybody, even companies, to send and receive Bitcoin or US dollars from anywhere.
It’s possible to use the wallet on both Android and iOS smartphones. Mexican cryptocurrency exchange Bitso has joined on as Chivo’s main service provider.
However, according to the most recent information from Bukele, the Bitcoin Law is being welcomed throughout the nation, despite the protests of hundreds of anti-government activists. On the 15th of September, a crypto kiosk in the nation’s capital city was set on fire as a result of the demonstrations.
A Mixed Reception to the Bitcoin Law
According to the latest information from President Bukele, the Bitcoin law is being well-received by El Salvadorans. Protesters, on the other hand, are flooding the streets to voice their dissent.
Some protestors even set fire to a brand-new Bitcoin ATM, while others carried placards saying “Bukele Dictator,” according to reports. Protesters claim that the president is consolidating his authority via dictatorial methods. On the country’s 200th anniversary, demonstrators flocked to the capital, San Salvador, holding signs reading “Respect the Constitution, Not Bitcoin.”
The first deployment was marred by problems, including demonstrations. Only three transactions out of several were successful in the first week on one machine. Furthermore, due of bitcoin’s erratic price movements, many Salvadorans are wary of investing in it.
An organization in Brazil recently conducted a study and found that 54% of Salvadorans had never heard of Bitcoin.