In the latest Twitter post, President Nayib Bukele of El Salvador reveals that almost half of the population in the country, or more than 3 million users are using the bitcoin Chivo wallet. The reason why this is such a great victory for President Bukele, can be found in the numbers. If you consider that El Salvador has 6.48 million people, that is more than 3 million Salvadorian users.
And what is even more admiring, is the fact that the government of El Salvador managed to ‘attract’ this number of people in no more than 26 days.
Moreover, this news also means that there are now more than 3 million people that have received the government’s $30 in bitcoin. This is rather surprising considering that the country faced serious issues in the beginning.
In fact, just as El Salvador made bitcoin legal tender, it run to difficulties and technical issues. However, that doesn’t seem to deter the pro-crypto oriented President of El Salvador, Nayib Bukele.
Not only does Mr Bukele leads the country as the pioneer of official bitcoin regulations, but he also hold crypto assets as well. In fact, under his leadership, he transformed El Salvador as the hot-spot for bitcoin. As a result, there are now 200 bitcoin ATMs in the country, and 700 bitcoin in the national reserve of El Salvador.
In addition, he is also known for using geothermal power for all mining operations, making for a 100% renewable source of energy.
Many countries are keeping a close eye on this bitcoin ‘situation’ in El Salvador. Especially since Nayib Bukele and his government managed to integrate Chivo with more than 3 million users of El Salvador. And while there is definitely a certain opposition on this subject, it seems like the numbers are going to continue to rise. It remains to see whether any other country will dare to make such a move.
For now, it seems like we are going to have to wait and see whether this bitcoin implementation will have further consequences on the economy of El Salvador.
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