Salvadorians deposit more money than they withdraw on the Chivo Wallet

El Salvador residents are buying Bitcoin (BTC) en masse, Nayib Bukele says

Nayib Bukele, President of El Salvador, welcomes the adoption of Bitcoin (BTC) as second legal tender. In a tweet published on October 7, 2021, the self-proclaimed “coolest dictator in the world” claims Salvadorans are depositing more money on the Chivo Wallet, the state’s official digital wallet, than they are taking out. . The population massively converts dollars for Bitcoin.

Since yesterday, Salvadorans are inserting more cash (to buy #bitcoin) than what they are withdrawing from the @chivowallet ATMs.

And if we add remittances (almost $ 2 million per day), the incoming USD QUADRUPLES the outflow.

This is very surprising so early in the game.

– Nayib Bukele 🇸🇻 (@nayibbukele) October 7, 2021

“Since yesterday, Salvadorans are inserting more money (to buy #Bitcoin) than they take out of Chivo Wallet ATMs,” says Nayib Bukele.

Taking into account remittances from abroad, the Chivo Wallet receives an additional $ 2 million per day, which is four times the money coming out of the wallet. Salvadoran economy relies heavily on money sent by expatriates from abroad. According to World Bank figures, 24% of El Salvador’s gross domestic product (GDP) is indeed based on the wealth transferred by expatriates.

“It’s very surprising so early in the game,” adds the 40-year-old.

As the president has repeatedly advised, many Salvadorans apparently use the Chivo Wallet to transfer funds from abroad without bank charges. The adoption of Bitcoin would ultimately cut international payment managers like Western Union and MoneyGram by $ 400 million in annual revenue.

👉 Also read: El Salvador concretizes its idea of ​​mining Bitcoin (BTC) with the energy of volcanoes

El Salvador’s president mocks his detractors

After the hiccups encountered during the launch, the Chivo Wallet would have finally succeeded in seducing the inhabitants of El Salvador. The first days after the adoption of Bitcoin, the wallet indeed multiplied the technical problems. According to testimonials collected by ElSalvador.com, some users have even lost money using the wallet. Government enforcement would continue to suffer from serious dysfunctions. Despite the bugs identified, 1.1 million Salvadorans use Chivo on their smartphone.

To accelerate the adoption of Bitcoin by the Salvadoran population, the Bukele administration has not skimped on means. First, the government offered $ 30 in Bitcoin to everyone who installs the Chivo Wallet. More recently, wallet users have been offered a reduction in the price of fuel.

Despite the president’s enthusiastic communication, El Salvador’s new legal tender has generated its share of criticism. Protesters burnt down a Bitcoin distributor to protest against the president’s monetary policy.

¿Se dan cuenta del silencio de la oposición?

Pero ahí estuvieran saltando de alegría y acabándose los dedos si el #Bitcoin hubiese bajado.

Queda claro y sin ninguna posible duda, que quieren lo malo para nuestro país y nuestra gente.

Ya ni siquiera the interesa disimularlo.

– Nayib Bukele 🇸🇻 (@nayibbukele) October 7, 2021

As Bitcoin’s price started to rise again, approaching $ 55,000, Nayib Bukele openly mocked his detractors on Twitter.

“Do you notice the silence of the opposition? They would jump for joy […] if the #Bitcoin had gone down. It is clear and without a doubt that they want evil for our country and our people. They don’t even try to hide it anymore ”

👉 On the same topic – El Salvador’s largest bank now accepts bitcoin (BTC) payments

Newsletter 🍞

Receive a recap of crypto news every Sunday 👌 And that’s it.

What to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliate. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused as a result of the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and invest only within the limits of their financial capacity. This article does not constitute investment advice.

About the author: Florian Bayard

Back to top button