Today, the president of El Salvador, Nayib Bukele tweeted out an update on the adoption progress of the nation’s recently launched Bitcoin app, Chivo Wallet. As of now, over 1.6 million Salvadorans have been onboarded to the app and now have access to BTC.
The adoption of Bitcoin in El Salvador is ramping up quickly as just this past Friday, September 17, 2021, the President reported 1.1 million Salvadorans being onboarded to the app. These numbers are quite impressive considering Bitcoin only became legal tender in the country on September 7, 2021.
Before adopting a Bitcoin standard, 70% of the active population in El Salvador was unbanked — but now Bitcoin has changed global financial geopolitics forever. Bitcoin is banking the unbanked and now over 1.6 million El Salvadorans have access to a savings account via Bitcoin. This is absolutely massive, considering the population of the small country is about 6,525,831. Meaning almost 25% of the population in El Salvador is now banked.
Despite the FUD that mainstream media has tried attacking Bitcoin and El Salvador with this past month, the country is poised to take advantage of all the benefits operating on a Bitcoin standard provides. President Bukele has stood his ground against the IMF and the World Bank in his decision to make bitcoin legal tender. El Salvador is setting a great example for other countries to follow in adopting Bitcoin and its citizens are going to benefit from it in the short and long term.