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Salvadorans have more Chivo Bitcoin wallets than Bank accounts!

Bitcoin popularity is growing and there is no stop to it!

Key takeaways from this article:

Supporters of the Bitcoin Law may have the last laugh.

46 percent of the population have Chivo Wallet at this time compared to 27% of Salvadorans who have bank accounts as of 2017. The difference is even greater for the low-income Salvadorans.

Salvadorans appear to be converting U.S. dollars into bitcoin and holding onto the digital currency with Bukele tweeted “The incoming USD quadruples the outflow,”

Any bitcoin wallet can be used to interact with Salvadoran merchants. 

Bitcoin adoption is likely to continue to rise in El Salvador.

The impact of Chivo is likely greater among low-income Salvadorans who have access to smartphones but not banks.

[https://www.forbes.com/sites/theapothecary/2021/10/07/in-el-salvador-more-people-have-bitcoin-wallets-than-traditional-bank-accounts/?sh=5f1991d320b5](https://www.forbes.com/sites/theapothecary/2021/10/07/in-el-salvador-more-people-have-bitcoin-wallets-than-traditional-bank-accounts/?sh=5f1991d320b5)



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15 Comments

  1. It is great how bitcoin is expanding in El Salvador. For that same reason we should promote to El Salvadorans to hold their keys and keep them in hardware wallets, rather than on a centralized wallet. A centralized wallet may entail a big vulnerability.

  2. When BTC spiked to $55k on Wednesday, I checked on Bukele’s twitter and the people’s comments in there. Saw a lot of Salvadorans making money from the initial $30 given to them. Some even put their own $$ on BTC, earning them more. It’s really good see them realizing the benefits of holding their money in BTC.

  3. Bitcoin allows anyone in the world to be their own bank.

    It’s really amazing that anyone in the world can become a merchant and sell their goods and services for free.

    No need to pay any fees to any banks to get your money. No visa or mastercard fees, no western union fees, no paypal fees, nothing.

  4. There is another post from a guy that lives there. The truth may be totally different, sadly. It looks like there are many issues that are not fixed (unrelated to Bitcoin). Chivo app appears to have a lot of issues with security, etc.

  5. Not saying all is perfect with the implementation, but in the cryptocurrency subreddit they are spreading obvious biased FUD about el Salvador implementation….

    I guess shitcoiners are nervous about Lightning growth.

  6. Since we’re only halfway through this bull market, if that, with the ETFs coming, they got in at the perfect time.

    Their looking at 3-4X gains in the next 6 months, and those quick gains will only cause more nations to jump on the Bitcoin Love Train in 2022.

    Bitcoin is the self-fulfilling prophecy. It feeds upon its own greatness.

What do you think?

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