Chivo Bitcoin Wallet Surpasses El Salvador Bank Active Users

Within three weeks, nearly one-third of El Salvador’s population had started using the Bitcoin wallet Chivo. Accordingly, the president of El Salvador updated that the app will soon be used by more people than all the local banks combined.

  • This year, the smallest and densest populous country in Central America made history when it legalized bitcoin within its borders.
  • Many people were skeptical about the move, from BTC supporters praising it to global organisations like IMF criticizing it.
  • El Salvador nevertheless proceeded to vote bitcoin as a legal tender. This became effective on September 7.
  • Some reports state that protests were held against the decision. However, 700 bitcoin has been purchased by the country on a few occasions.
  • President Nayib Bukele, upon legalizing Bitcoin, promised that locals would receive $30 worth of the currency if they downloaded a Chivo Bitcoin wallet.
  • Although the app’s launch was not without technical difficulties, the president regularly updates to ensure that the engagement levels are high.
  • Bukele reported on Saturday that the wallet is being used by 2.1 million people (not only downloaded). The app was used by more than 30% of the population as of 2019.
  • Bukele also stated that the wallet has more users than any bank El Salvador, and is growing fast to have more users, despite being only three weeks old.

Featured Image Courtesy of Al Jazeera