Declaring Bitcoin as the official currency since September 7, El Salvador continues to make a name for itself in the crypto money market and the world economy agenda. El Salvador President Nayib Bukele announced that they produced a total of $269 in Bitcoin using geothermal power from volcanoes. Finally, El Salvador has recently made the acceptance of Bitcoin as a payment method a necessity for businesses, and this has been harshly criticized by Ethereum founder Vitalik Buterin.
After El Salvador announced Bitcoin as the official currency, it was wondered how this would affect the country’s economy and how the society would interact with this situation. The support of the El Salvador government to crypto money is starting to bear fruit.
Bitcoin wallet exceeds the number of personal bank accounts
In El Salvador, the number of Bitcoin wallets exceeded the number of personal bank accounts in just one month. The use of Bitcoin, which is supported by the government with its digital wallet called Chivo, is getting easier day by day. In order for the citizens of the country to adapt to this innovation and use it easily, automatic teller machines (ATM) were developed for Bitcoin transactions.
El Salvador’s President, Nayib Bukele, stated that as of 2017, 29 percent of the country had bank accounts and announced that three million people, 46 percent of the population, had downloaded the Chivo Bitcoin wallet. Bukele stated that the citizens of El Salvador are converting the US dollar to Bitcoin and holding the crypto money, while “The incoming US dollar is quadrupling”.
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