Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,09 trillion. Bitcoin is up by over 2% to reach around $27,200. Ethereum increased by nearly 6% to close to $1,700. XRP gained almost 2% in value during a highly volatile week. Almost all altcoins are trading in the green, with virtually no exceptions. The DeFi sector maintains the total value of protocols (TVL)…
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More than a Third of Salvadorans Use Chivo Wallet
According to President Nayib Bukele, more than 2.1 million Salvadoran citizens are using the Chivo Bitcoin wallet. The mass adoption has more users than any bank in El Salvador. In approximately three weeks since parliament legalized Bitcoin in El Salvador, it has taken root in the economy.
Bitcoin as a Legal Tender
El Salvador is the smallest country in Central America but with a significant population. Earlier this year, it made history when it legalized Bitcoin as a legal tender within its borders. However, due to its economic stature as a developing third-world country, it received controversial criticism worldwide.
The International Monetary Fund (IMF) led the charge with criticism stating the volatile nature of cryptocurrency will weaken an already unstable economy. Nevertheless, on September 7th, the El Salvador parliament voted in Bitcoin as a legal tender.
Sources report that there were demonstrations in El Salvador following the parliamentary decision. Anti-government protestors took to the streets to voice their concerns. As a result, on September 15th, a crypto kiosk in the nation’s capital was burnt down.
Nonetheless, the government purchased Bitcoin to circulate in the economy. In addition, President Bukele promised $30 worth of Bitcoin if they downloaded the Chivo Bitcoin wallet. However, from a recently conducted survey by Sherlock Communications based in Sao Paulo, half of Salvadorans have never heard about Bitcoin.
Bitcoin Success
In a tweet on Saturday, Nayib announced that 2.1 Salvadorans were actively using the Chivo wallet. In the world records in 2019, El Salvador had 6.5 million in population. However, recent events indicate that more than 30% of the citizens are using the app.
In addition, President Bukele insisted that Chivo wallet had more users than any Salvadoran Bank in three weeks. He stated that Chivo wallet was moving quickly to have more users than all the banks combined in the country.
The massive use of the government-backed Chivo wallet indicates the country’s apparent success with Bitcoin (BTC). To that end, President Nayib Bukele believes it is a matter of time before the entire nation adopts crypto use.
The ongoing success prompts Bitcoin adoption in other countries in Central America and the world at large. For example, Bitso, a cryptocurrency exchange in Mexico, agreed to serve as Chivo’s key service provider in the triple effect.
Btc
Bitcoin
$27.567
price
price
2.82657%
price change
At the moment El Salvadoran Government is filling its coffers with Bitcoin following Bitcoin’s volatile price fluctuations. On two accounts, September 7th and September 20th bought Bitcoin dips. The total sum of the nation’s BTC stands at 700BTC.
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