Salvadoran President Nayib Bukele claims that 2.1 million of his fellow citizens are using the government-backed Chivo cryptocurrency wallet, offering a glimpse into the apparent success of the country\u2019s Bitcoin (BTC) gambit.\u00a0<\/p>\n
The controversial president updated his 2.9 million Twitter followers Saturday afternoon, claiming that Chivo \u201cnow has more users than any bank in El Salvador\u201d after just three weeks in operation. Bukele indicated that it\u2019s only a matter of time before Chivo adoption eclipses all banks in El Salvador combined. <\/p>\n
The state-issued Chivo wallet launched in early September as El Salvador officially recognized Bitcoin as legal tender \u2014 a landmark move that could offer an important case study for other countries in the region. Chivo enables individuals and businesses to send and receive payments in Bitcoin or dollars from anywhere in the world. The wallet is available on both Android and Apple devices. As Cointelegraph reported, Mexican cryptocurrency exchange Bitso has signed on as the core service provider for Chivo. <\/p>\n
Related: <\/em><\/strong>El Salvador\u2019s credit rating could take a hit amid Bitcoin adoption, warns S&P Global<\/em><\/strong><\/p>\n Bukele\u2019s latest update suggests that the Bitcoin Law is being received favorably across the country, even as hundreds of anti-government protestors took the streets to voice their opposition. On Sept. 15, those protests culminated in the burning down of a crypto kiosk in the nation\u2019s capital city. <\/p>\n To be sure, mass adoption of Chivo is due in part to the government airdropping $30 worth of BTC to every Salvadoran account holder. According to a recent survey from S\u00e3o Paulo-based agency Sherlock Communications, slightly more than half of Salvadorans have no familiarity with Bitcoin. <\/p>\n In the meantime, Bukele\u2019s government has been filling its coffers with BTC following a series of volatile price swings for the digital asset. El Salvador \u201cbought the dip\u201d on at least two recent price drops \u2014 Sept. 7 and Sept. 20 \u2014 bringing its total holdings to 700 BTC.<\/p>\n