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Bitcoin Adoption in El Salvador: 1.1 Million Salvadorans Now Use the Chivo Bitcoin Wallet

Source: https://bit.ly/3ExF7Vf

The president of El Salvador took to his own Twitter account and shared some positive news about how Bitcoin adoption is increasing in El Salvador.

1.1 million Salvadorans now use the “Chivo” bitcoin wallet:

According to President Najib Bukele’s tweet, approximately 1.1 million Salvadorans are now ready to use Bitcoin as legal tender in the country.

They downloaded their Chivo Bitcoin wallet which was created in just ten days.

The number indicated by President Najib Bukele represents 17 percent of the country’s population.

This high rate of wallet downloads continues despite the fact that 65% of the smartphone model in El Salvador is not enabled to run the Chivo Bitcoin wallet yet.

And as we told us in a previous article on LYDSFUTURES NEWS , every citizen gets a Bitcoin worth $30 after downloading the wallet developed and provided by the Salvadoran government.

According to the president’s tweet, Bitcoin is able to help spread financial inclusion to more people in El Salvador than was possible with the forty years of nationalization and privatization of traditional banks, and added:

Bitcoin will help include more people in one month than banks have done throughout its history.

Edward Snowden recently tweeted and stated that there is now pressure and competition between countries to buy bitcoin (even if they only buy it as a reserve asset).

He said on Twitter that governments who realize this too late may regret their hesitation.

Bitcoin to compete with “MoneyGram” and “WU” in El Salvador:

Payment providers, such as MoneyGram, Western Union and the like, annually earn about $400 million in El Salvador on remittance fees, equivalent to 1.5 percent of the country’s GDP.

More than 70 percent of the population receives remittances in El Salvador.

In 2020 alone, local residents received a total of $6 billion from abroad.

Now President Najib is sure that Bitcoin will help Salvadorans avoid these huge fees.

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