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Today, the President of El Salvador, Nayib Bukele, tweeted an update on the adoption progress of the country’s recently launched Bitcoin app, Chivo Wallet. To date, over 1.6 million Salvadorans have been integrated into the app and now have access to BTC.
The adoption of Bitcoin in El Salvador is accelerating rapidly, as on Friday, September 17, 2021, the President reported that 1.1 million Salvadorans were integrated into the app. These numbers are quite impressive considering that Bitcoin did not become legal tender in the country until September 7, 2021.
Before adopting a Bitcoin standard, 70% of the working population in El Salvador was unbanked – but now Bitcoin has forever changed global financial geopolitics. Bitcoin is the bank for the unbanked and now over 1.6 million Salvadorans have access to a savings account through Bitcoin. This is absolutely huge, considering the small country’s population is around 6,525,831. This means that almost 25% of El Salvador’s population is now banked.
Despite the FUD with which the mainstream media attempted to attack Bitcoin and El Salvador last month, the country is poised to reap all the benefits a Bitcoin standard offers. President Bukele has opposed the IMF and the World Bank in its decision to make bitcoin legal tender. El Salvador is a great example for other countries to follow in embracing Bitcoin and its citizens will benefit both in the short and long term.
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