The President of El Salvador, Nayib Bukele, informs us of the progress of the acceptance of his Bitcoin application for the government: Chivo Wallet. Today, the President of El Salvador, Nayib Bukele, tweeted an update on the progress of the rollout of the recently launched Bitcoin app in the country, Chivo Wallet. To date, over 1.6 million Salvadorans have joined the app and now have access to BTC.
Adoption of Bitcoin in El Salvador has grown rapidly since Friday, September 17, 2021, the president said 1.1 million Salvadorans have signed up for the app.
These numbers are quite impressive considering that Bitcoin did not become legal tender in the country until September 7, 2021. Before the introduction of a Bitcoin standard, 70% of the workforce in El Salvador did not have a bank account, but now Bitcoin has forever changed global financial geopolitics.
Bitcoin is a banking business without a bank and more than 1.6 million Salvadorans now have access to a savings account through Bitcoin. This is absolutely huge considering that the population of the small country is around 6,525,831.
This means that almost 25% of the population of El Salvador now has a bank account. Despite the FUD that mainstream media attempted to attack Bitcoin and El Salvador last month, the country is on the verge of fully benefiting from trading a Bitcoin standard. President Bukele has ruled against the IMF and the World Bank in their decision to convert Bitcoin into legal tender. El Salvador is a great example for other countries that embrace Bitcoin and its citizens will benefit both in the short and long term.