It is too early to state with certainty and definitively whether the promised revolution has taken place, whether it has materialized or not, but an initial assessment of an initiative that is nevertheless unique of its kind can already be drawn: what is the adoption rate from Bitcoin to El Salvador, where it officially became a week ago legal tender currency?
The first week of BTC in El Salvador: half a million wallets
The update comes from the most authoritative of sources, although not from the most objective on the subject, being the president of the country from the beginning a fervent supporter of cryptocurrency. Nayib Bukele talked about it as a tradition with a series of posts on Twitter, making it known among other things that the Chivo wallet, developed by the local government in collaboration with the Mexican exchange Bitso, is now used by over half a million people (the total population is close to 6.5 million citizens).
6. The registros nuevos no están habilitados, as soon as the download of the app for nuevos modelos de teléfono.
Se habilitarán ambas cosas hasta que la aplicación no tenga errores (serán un par de días más 😢)
7. Actually contamos con más de medio millón de usuarios.
– Nayib Bukele 🇸🇻 (@nayibbukele) September 14, 2021
Precisely in reference to the wallet and the Technical Problems which affected its use at the debut, Bukele says that 95% have been resolved, postponing to the next few days for the introduction of the last necessary fixes. Furthermore, the 200 ATMs present in the area and which allow the conversion between the US dollar and Bitcoin, work perfectly. Finally, the minimum spending constraint ($ 5) for payments in BTC has been eliminated.
Not everyone welcomed the initiative with open arms: there were street protests and even the World Bank expressed its concerns. Furthermore, the cryptocurrency price it collapsed precisely in conjunction with the event, thus leading to an immediate devaluation of the capital of those who chose to fill their wallets with virtual currency.