President Bukele claims that a third of Salvadorans use Chivo wallet ‘actively’

El Salvador became the first country in the world to accept Bitcoin (BTC) as legal tender on Sept. 6. This was a huge success that attracted both praise and criticism from the international community. Nayib Bukele, Salvadoran President, claims that Chivo’s cryptocurrency wallet is used by 2.1 million citizens. This gives a glimpse at the country’s Bitcoin (BTC), gambit. 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 here in El Salvador”. Bukele said that it was only a matter time before Chivo adoption surpasses all El Salvador banks combined. 2.1 million Salvadorans ACTIVELY USE @chivowallet (not downloadings). In September, El Salvador officially recognized Bitcoin as legal currency. This landmark move could be a model for other countries in the region. Chivo allows individuals and businesses to send and collect payments in Bitcoin and dollars from anywhere in the globe. The wallet is compatible with both Android and Apple smartphones. Cointelegraph reported that Bitso, a Mexican cryptocurrency exchange, has been appointed the core service provider for Chivo. Related: El Salvador’s credit rating may take a hit due to Bitcoin adoption. S&P GlobalBukele’s most recent update indicates that the Bitcoin Law has been received positively across the country. However, hundreds of protestors marched in opposition to the government. 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 reason for mass adoption of Chivo. A recent survey by Sherlock Communications in Sao Paulo found that just over half of Salvadorans are not familiar with Bitcoin. Bukele’s government is filling its pockets with BTC in the meantime, following volatile price swings for this digital asset. El Salvador “bought a dip” on at most two recent price drops — Sept. 7, and Sept. 20, — bringing its total holdings up to 700 BTC.

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