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Bitcoin Chivo wallet has more users than some banks in El Salvador, according to Bukele

In El Salvador, more than 2 million people would be using the Chivo bitcoin (BTC) wallet, according to government estimates. Which represents almost 30% of the population of that country and slightly less of the population banked nationwide.

President Nayib Bukele assured on his social networks, yesterday September 25, 2021, that 2 million 100 thousand people were active users of Chivo, the wallet of the State. However, he pointed out that this figure does not represent the number of downloads of the application, which works on mobile phones.

The reference research used by the government of El Salvador to estimate the bankarization of the country is the report The Global Findex Database 2017 , published in 2018, and which establishes that 30% of the population of El Salvador had a bank account at that time.

In addition, we can take into account that the estimates of the State on the amount of population of El Salvador, for the current year 2021, are 6,325,827 inhabitants, according to a recent report.

Based on this figure, Bukele’s projection of the percentage of the population that uses Chivo is understandable, which would then be equivalent to more than 30% of population.

Where does the government of El Salvador get the adoption estimates for BTC and Chivo wallet?

As we investigated in CriptoNoticias, the Banking Association of El Salvador publishes data on the performance of the national banking month by month, however banks do not usually clarify the number of clients they have, on a specific basis. In the best of cases, financial reports indicate the amount of deposits, withdrawals, credits and other economic data.

filas-cajeros-chivo-wallet
This week hundreds of people lined up at Chivo ATMs to make transactions with bitcoin (BTC).

However, it is remarkable the drag and popularity of Chivo, which was launched on September 7 along with the entry into force of the Bitcoin Law, not without difficulties that have already been solved for today.

It should also be clarified that Bukele does not estimate the number of Chivo users only in relation to the number of downloads of the application, but that could also be counting the users of Chivo ATMs, which exceeded 200 units and are located in El Salvador and the United States, reported this media.

In recent days, CriptoNoticias also reported that these ATMs were saturated with people, who They have made long lines to use them, in a phenomenon of adoption of Bitcoin unprecedented in the world.

Even some opponents of Bukele and the establishment of Bitcoin as legal tender have protested and ince Given these devices, which seems to generate the majority rejection of a population that uses BTC for their personal finances, to save, make purchases or businesses and send or receive remittances in El Salvador.

On the other hand , El Salvador has been buying bitcoin progressively. The most recent acquisition was 150 BTC, totaling 700 BTC in the state coffers.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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