President Nayib Bukele: “Chivo Is Not A Bank, But In Less Than 3 Weeks, It Now Has More Users Than Any Bank In El Salvador With 2.1 Million Salvadorans Actively Using Chivowallet”

Nayib Bukele, El Salvador president, has claimed that 2.1 million citizens are using the new government-backed Chivo cryptocurrency wallet. In a tweet, he implied the apparent success of Bitcoin in the country.

El Salvador recently adopted bitcoin as a legal tender on September 7, 2021, being the first country to do so.

On Saturday afternoon, president Nayib Bukele shared this update with his 2.9 million Twitter followers. He claimed that Chivo “now has more users than any bank in El Salvador” after just three weeks in operation. He also said that despite Chivo not being a bank, it already has more users than any bank in El Salvador and that it is only a matter of time before the wallet’s adoption surpasses all banks in El Salvador 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

The state-issued wallet launched in early September as El Salvador officially recognized Bitcoin as legal tender. Chivo enables individuals and businesses to send and receive payments in Bitcoin (BTC) or dollars (USD) from anywhere in the world. Merchants must offer the ability to use both currencies. However, some merchants saying they would rather lose sales than accept bitcoin payments.

The wallet is available on both Android and Apple devices. Latin American cryptocurrency exchange Bitso is the core service provider for the Chivo wallet. There are now over 200 bitcoin ATMs in El Salvador, the third-largest number of ATMs after the U.S. and Canada.

President Bukele’s goal is 2.5 million Salvadorans, which is approximately 39% of the population. As an incentive, the government offers $30 in bitcoin when people download the wallet app.

Read More on El Salvador:

• El Salvador Buys The Bitcoin Dip Again, According To President Najib Bukele “They Can Never Beat You If You Buy The Dips”
• Bitcoin Is Now Official Currency Of El Salvador
• According To El Salvador President, Nayib Bukele, 1.1 Million Salvadorans Now Using Chivo Bitcoin Wallet
• El Salvador Chivo Bitcoin Wallet Has Surpassed 500,000 Users
• McDonald, Pizza Hut, Starbucks Started To Accept Bitcoin In El Salvador
• El Salvador Makes Further Progress In Making Bitcoin Legal Tender By Setting Up 200 ATMS Across The Country For Exchanging Bitcoin
• In A Surprising Gesture Of Support, Bank Of America Outlines Key Benefits Of El Salvador Bitcoin Adoption
• World Bank Refuses El Salvador Request To Assist With BTC transition