El Salvador: Bitcoin adoption increases with Chivo Wallet
El Salvador: Bitcoin adoption increases with Chivo Wallet
Bitcoin

El Salvador: Bitcoin adoption increases with Chivo Wallet

By Stefania Stimolo - 4 Oct 2021

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El Salvador’s President Nayib Bukele continues his mission to increase Bitcoin adoption among his citizens by means of the state-run Chivo Wallet. 

Through incentives and discounts such as the one on the price of gasoline, there are now 3 million citizens in El Salvador who use BTC with Chivo Wallet, almost 50% of the population. 

El Salvador and Bitcoin with Chivo Wallet

Just a few hours ago, Nayib Bukele shared a tweet with an update on the number of Salvadoran citizens using Chivo Wallet and therefore Bitcoin.

We are up to 3 million Salvadorans who, after 7 September 2021, when Bitcoin became legal tender in El Salvador, have decided to use the wallet recommended by their President.

Even Anthony Pompliano, a famous name in the crypto sector, wanted to point out that this is almost half of the Salvadoran population:

“The President of El Salvador is reporting that 3 million citizens are using the nation’s bitcoin wallet, Chivo. That is almost 50% of the country’s population”.

El Salvador, amid incentives and discounts for those using Bitcoin and Chivo Wallet

Bukele, in an effort to incentivize the use of Bitcoin and Chivo Wallet to his citizens, has put into practice some strategies that favor the pockets of crypto-salvadorians.

In fact, just last Friday in a series of tweets, Bukele is said to have invited his citizens to consider Chivo Wallet for the payment of gasoline, taking advantage of a new agreement executed by the company behind the state wallet and oil companies.

El Salvador Chivo Wallet
A Chivo ATM in El Salvador

For users paying with Chivo Wallet, a discount of $0.20 per gallon would thus be up for grabs. 

In the same series of tweets, Bukele also said he had signed a decree authorizing a fund to stabilize the price of gas in El Salvador.

Thanks to his intervention, the alleged increase in the price of gas would be stopped and families or small businesses would not have to suffer any loss.

El Salvador and the Bitcoin mining farm with geothermal energy

Another strategy of the pro-bitcoin President, has been to focus on the construction of the volcano-powered Bitcoin mining farm, which uses geothermal energy.

Last Friday, Bukele reportedly shared the video promoting the large amount of ASICs for BTC mining installed in a context that uses geothermal energy, all signed with the logo of the government of El Salvador.

In this way, Bukele could aim to produce and use the queen of crypto in his home country. But not all citizens agree, quite the contrary! 

According to reports, in addition to comments on tweets, there have been several demonstrations in the streets to strongly contest the pro-Bitcoin decision, highlighting the risks that it could pose to the economy in El Salvador.

 

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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