El Salvador’s president, Naib Buckley, confirmed on Twitter on Sunday evening that the Latin American nation had more than a million users access to its Chivo Wallet app in just 226 days.
El Salvador has a total population of 48.48 million, or about half of its citizens.
Bitcoin prices have fallen from about 52 52,600 in the first few weeks since the September 7 historic takeover, but have rallied in the -4 47-48k range in October. The total global bitcoin hash rate has also increased during this time.
It remains to be seen how much the price of Bitcoin will rise above ২ 52,000 in early September and how much El Salvador’s public sentiment has changed to accept Bitcoin.
Significantly, the El Salvador government has so far collected 700 bitcoins, more than 33 33 million at the time of writing, up from about 31 31 million on September 20. El Salvador last bought bitcoin for close to 45 455,700, while Buckley believed the global asset had been devalued.
The country is now green in dollar terms in those purchases, but more importantly, Buckle has shown a long-term determination to buy, hold and mine bitcoin, and the country has been left alone to keep Bitcoin in public reserve.
In just four months, Buchel El Salvador became the first country to accept Bitcoin as a legal tender, distribute $ 30 worth of Bitcoin to all citizens of the country through the state-sponsored Chivo app, install 200 Bitcoin ATMs in the country, buy 700 Bitcoins for the national reserve, And start mining the hardest money for people next to volcanoes with 100% renewable geothermal energy.
The world is watching this test, and bitcoins are eager to see which country will be after the adoption of bitcoin because countries are forced to compete or lag behind. The dilemma of game-theoretic prisoners has begun in global politics and the countries that first accept bitcoin get a big advantage.