Bitcoin Witnesses Wide Adoption in El Salvador Despite the Anti-Law Protests

The adoption of Bitcoin as a legal tender by the average population in El Salvador has been impressive since the Central American country adopted the digital asset as its official legal tender alongside the US dollar. The President recently announced that the country’s official Bitcoin wallet, Chivo, now has over 2.1 million users.

 

The President revealed this in a tweet published yesterday, 25th September, 2021. In the tweet, he noted that over 2.1 million residents of El Salvador are now active users of the wallet and not just downloads. This is a great feat considering the little time that the law was implemented. President Bukele also boasted that no bank in El Salvador has such number of customers which the Chivo wallet has acquired within a short period of time;

 

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“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)

 

However, this information from the country’s President indicates that Bitcoin is widely accepted within the region despite the various protests that sprang up in the region. Some of the protesters took to burning down a certain crypto kiosk and setting up roadblocks around the Government house. They even protested on the country’s national day claiming that the Bitcoin law was imposed on them. 

 

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The $30 airdropped to every resident of El Salvador that registered on the Chivo wallet could be said to be responsible for the wide adoption of Bitcoin as over 1 third of the population are users of the Chivo wallet.

 

Chivo wallet was declared as the State’s official bitcoin wallet when El Salvador recognized Bitcoin as a legal tender. The mobile wallet is available on all devices and it enables residents to send and receive seamless payments in Bitcoin.

 

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