President Nayib Bukele Claims Bitcoin Application Success, 2.1 Million Residents Use Chivo

JAKARTA – El Salvador President Nayib Bukele claims that 2.1 million of its citizens use the government-backed Chivo cryptocurrency wallet. It is a glimpse of the real success claims of the first step of implementing Bitcoin (BTC) as a legal payment in the country, since 7 September.

The controversial president made the post, to his 2.9 million Twitter followers Saturday afternoon September 25, and claimed that Chivo "now has more users than any bank in El Salvador" after just three weeks of operation. Bukele points out that it is only a matter of time before Chivo adoption surpasses all El Salvador banks combined.

2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads).Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.This is wild!#Bitcoin🇸🇻

— Nayib Bukele (@nayibbukele) September 25, 2021

Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users combined by all banks in El Salvador.

The state-issued Chivo wallet was launched in early September when El Salvador officially recognized Bitcoin as legal tender. This is an important step that can offer important case studies for other countries in the region.

Chivo allows individuals and businesses to send and receive payments in Bitcoin or dollars from anywhere in the world. Wallet is available on Android and Apple devices. As Cointelegraph reports, Mexican cryptocurrency exchange Bitso has signed on as a core service provider for Chivo.

The latest Bukele update shows that the Bitcoin Act is well received across the country. Even as hundreds of anti-government protesters took to the streets to voice their opposition. On September 15, the protests culminated with the burning of crypto kiosks in the nation's capital.

To be sure, Chivo's mass adoption is partly due to the government sending 30 US dollars worth of BTC to every account holder in Salvador. According to a recent survey from the São Paulo-based agency Sherlock Communications, more than half of Salvadorans are unfamiliar with Bitcoin.

Meanwhile, the Bukele government has filled its coffers with BTC following a series of volatile price swings for the digital asset. El Salvador “bought the dips” on at least two recent price drops, September 7 and September 20, bringing its total holdings to 700 BTC.