El Salvador’s President has taken to Twitter to share some encouraging news about the country’s growing Bitcoin adoption.
Chivo wallet has been downloaded by 1.1 million citizens.
According to President Nayib Bukele’s tweet, approximately 1.1 million Salvadorans are now prepared to use Bitcoin as legal tender in the country and have downloaded the Chivo Bitcoin wallet created in just ten days.
1.1 millones de salvadoreños ya utilizan @chivowallet (y aún no hemos habilitado el 65% de los modelos de teléfono).
Parece que lograremos bancarizar más personas en 1 mes, de lo que hicieron con nacionalizaciones y privatizaciones de la banca tradicional en 40 años.#Bitcoin🇸🇻— Nayib Bukele 🇸🇻 (@nayibbukele) September 18, 2021
This equates to 17% of the country’s population. This high rate of wallet downloads continues despite the fact that 65 percent of smart phone models in the country are not yet capable of running Chivo.
After downloading the wallet, each citizen receives $30 in Bitcoin.
17% of the population of El Salvador have downloaded the Chivo #Bitcoin wallet in just 10 days!
Amazing!— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) September 18, 2021
“Bitcoin will help include more people in one month than banks have done so far.”
According to the president’s tweet, Bitcoin has the potential to reach far more people in El Salvador than traditional bank nationalizations and privatizations, which have taken forty years.
Edward Snowden, the infamous political whistleblower, recently tweeted that there is now pressure on competing nations to begin purchasing Bitcoin (even if they buy it only as a reserve asset). Governments that wait too long may come to regret their decision, he tweeted.
In El Salvador, Bitcoin will compete with MoneyGram and Western Union.
As previously reported by U.Today, payment providers such as MoneGram, Western Union, and others earn around $400 million in El Salvador each year from remittance fees – roughly 1.5 percent of the country’s GDP.
Over 70% of the population in El Salvador receives remittances. Locals received a total of $6 billion in foreign aid in 2020 alone. Nayib Bukele is now certain that Bitcoin will assist Salvadorans in avoiding these exorbitant fees.