The fact that El Salvador made Bitcoin the legal currency in the country has become one of the most important events of 2021. The President of El Salvador, Nayib Bukele, said that shortly after the entry into force of the law 1.1 million Salvadorans started using Chivo, the country’s Bitcoin wallet.
1.1 million users in 10 days
Considering that it takes 40 years for 30% of the population of El Salvador to have a bank account, it was claimed that the adaptation to Bitcoin was much faster.
“Although it still cannot be used in 65% of phone models, 1.1 million Salvadorans have started using the Chivo wallet.
It seems that we can do much more in a month than what traditional banking has achieved in 40 years ”.
1.1 million Salvadorans or use @chivowallet (and we haven’t enabled 65% of phone models yet).
It seems that we will be able to bank more people in 1 month than they did with nationalizations and privatizations of traditional banking in 40 years.#Bitcoin🇸🇻
– Nayib Bukele 🇸🇻 (@nayibbukele) September 18, 2021
The $ 30 incentive is considered effective for people to sign up for this government-controlled wallet.
El Salvador is a small country with a population of 6.5 million. 70% of the country’s population does not have a bank account. When we take out the children, we can say that around 20% of the population of the country has a Bitcoin wallet.
Not everyone is satisfied with Bitcoin
The public is divided on El Salvador’s Bitcoin movement. Bitcoin’s opponents have come to the fore recently with fierce protests.
El Salvador’s Bitcoin initiative can also be seen as a small experiment. With the adoption of Bitcoin for the first time in a country, we will learn over time how successful Bitcoin is as a currency even in these volatile days.