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El Salvador’s Bitcoin Chivo wallet users surpass 500,000 By BTC Peers


© Reuters. El Salvador's Bitcoin Chivo wallet users surpass 500,000

Although there has been a lot of drama surrounding El Salvador’s Law, it appears the country is off to a great start.

Reports from the local media claim that El Salvador has already hosted half a million users of its digital Bitcoin wallet Chivo. This may appear to be a sign that the wallet is being widely adopted, but it could also indicate that people are not interested in receiving the $30 Bitcoin airdrop.

On September 7, the government introduced the wallet. Users are eligible to receive $30 worth of Bitcoin for downloading the app. Its 400BTC total Bitcoin holdings were as of September 7, which is indicative of how successful it was.

But El Salvador hasn’t had the easiest time integrating Bitcoin. Many groups and individuals have organized protests against the Bitcoin laws, including citizens as well as opposing parties.

In an earlier incident, protesters vandalized a Bitcoin ATM in the nation’s capital, further expressing their displeasure with the new law.

Reddit was the first place where a Salvadoran voiced his disgust at how Bitcoin can further cement inequalities. The fear was that assets stored in the wallet might be taken away at any moment.

To push their Bitcoin agenda, the country used a variety of strategies. Some of its strategies included exempting foreigners paying tax on Bitcoin profits as well as offering permanent residency for those who move to the country to start an entrepreneurial venture.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.