The President of El Salvador, Nayib Bukele, said that 2.1 million residents of the country are “actively” using the Chivo cryptocurrency wallet.
According to Worldometer, in 2021, the population of El Salvador is about 6.5 million people. Thus, about a third of them use Chivo, according to Bukele’s statement.
“Less than three weeks later (after the legalization of Bitcoin in the country), Chivo already has more users than any Salvadoran bank,” he wrote. The president admitted that the crypto wallet will bypass all the banks of the country combined in terms of audience.
In June, the authorities of El Salvador promised to distribute $30 in Bitcoin to residents. Journalist Aaron van Wirdum suggested that the “active use” of Chivo is explained only by receiving this money.
Recall that on September 7, a law on the recognition of Bitcoin as a legal means of payment came into force in El Salvador.
Then the authorities purchased 550 BTC to the government fund to ensure the exchange of the first cryptocurrency and dollars. Later, on September 20, El Salvador bought an additional 150 BTC.
A rally against the legalization of Bitcoin
In July, a survey showed that only 20% of citizens approved the president’s initiative to recognize Bitcoin as a legal tender. According to another survey in September, 70% of respondents were against digital gold.
In August, residents of El Salvador came to a rally against the legalization of Bitcoin. The demonstrators expressed concern about the potential growth of corruption using cryptocurrencies. Moreover, they demanded to cancel the obligation to accept a digital asset as payment.
Recall that on September 15, protesters burned a Bitcoin ATM in El Salvador. They came out to protest against the legalization of Bitcoin and the recent steps of the President to strengthen power. In addition, according to the protesters, Bukele concentrated too much power in his hands, weakening the independence of the courts.