Nayib Bukele, President of El Salvador, has claimed that 2.1 million citizens are using the new government-sponsored crypto wallet Chivo. In a tweet, he hinted at Bitcoin’s apparent success in the country.
El Salvador recently introduced Bitcoin as legal tender on September 7, 2021 and was the first country in the world to do so. On Saturday afternoon, President Nayib Bukele divided up Update on the Bitcoin Move of his country with its 2.9 million Twitter followers.
He claims that the government-backed crypto wallet Chivo already has “more users than any bank in El Salvador” after just three weeks of operation. Bukele also said it was only a matter of time before the wallet’s acceptance surpassed all banks in El Salvador combined.
Chivo was introduced by the state when Bitcoin was recognized as an official currency. With the wallet, individuals and companies can send and receive payments in Bitcoin or US dollars from anywhere in the world. Traders in El Salvador must also offer the option to use both currencies – opinions are divided: some traders claim that they would rather forego sales than accept Bitcoin payments. Chivo is available on both Apple and Android devices. In addition, there are now over 200 Bitcoin ATMs in El Salvador.
Population not satisfied with Bitcoin move
Bukele’s latest update suggests that his Bitcoin move is being positively received by El Salvador’s citizens. However, over the past few weeks, many people have taken to the streets to express their disapproval and to demonstrate against their president. Some protesters did not shy away from setting fire to one of the brand new Bitcoin machines. Others limited themselves to signs that read “Bukele Dictator”. Most protesters believe that the president is using authoritarian means to consolidate his power. Protesters gathered on the 200th anniversary of the country’s independence.