According to President Nayib Bukele, the Chivo Bitcoin wallet now “has more users than any bank in El Salvador and is moving fast to have more users than all banks in El Salvador combined” just three weeks after its deployment.
The president said on Saturday that 2.1 million people are already actively using the Chivo wallet (not just downloaded). The entire population of El Salvador as of 2019 was 6.5 million, meaning that more than 30% of the locals have started using the crypto wallet.
Although the move to make Bitcoin legal tender raised some dustin the country, it appears citizens are finally coming to terms with it. The government remained undeterred by protests from some citizens and as well as threats from the opposition party. Furthermore, the Central American nation recently added an extra 150 BTC to its crypto holdings, bringing the total value of its stash to 700 BTC.
Recall that Bukele promised citizens that they would receive $30 worth of Bitcoin when they downloaded the Chivo wallet. This might be the reason for the growing activity around the wallet.
Despite the rocky start and a few technical challenges, the engagement levels have already been impressive, according to the president.