Thursday, December 9, 2021
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El Salvador has more Bitcoin wallets than bank accounts

The president of El Salvador highlighted that his country has more people with Bitcoin wallets than bank accounts, highlighting the rapid adoption that his country is experiencing.

It is worth remembering that El Salvador is living this week an intense life linked to Bitcoin, with people from all over the world going to the country to participate in various events. One of them, the biggest in Latin America, is La Bitconf, which will be hosted for the first time in the small country.

Another event that takes place this week is the “Adopting Bitcoin Lightning Conference”, which will bring together fans of digital currency in the country. Both should move the country and made the cover of the main state newspaper this Monday (15).

President of El Salvador with an eye on adoption in the country, with more Bitcoin wallets than bank accounts

The President of El Salvador, Nayib Bukele, recalled last Sunday (14) that his country is the first in the world to have more Bitcoin wallets than bank accounts.

“There is a country on Earth where there are more people using #Bitcoin wallets than bank accounts. Practically nothing.”

This strong movement of adoption, it is worth mentioning, started after the Bitcoin Law was approved by the local congress and entered into force on September 7th. The wallet that Nayib refers to is called the Chivo Wallet and was built to serve the local population.

To make payments with Bitcoin in El Salvador, it is common for businesses to make the Lightning Network available, since transactions are faster and cheaper for those who consume it through this network.

The movement from El Salvador should draw a lot of attention this week, as part of the community went to the country to participate in major events about the technology. In Latin America and around the world, the small country ends up making Bitcoin history.

Bitcoin given by the government the population has almost doubled

One of the highlights of Bitcoin adoption in El Salvador is that the government gave about US$30.00 in BTC for the population to start using the technology. On the 7th of September, for example, the market ended up operating lower and scared those who won those currencies.

In the medium term, however, the Bitcoin received by the Salvadoran population ended up almost doubling in value against the Dollar, being worth around US$ 45.00 today. This shows a promising scenario for that country’s savers who wish to protect part of their assets in digital currency, as it is accepted as a means of payment as well.

With events like La Bitconf, the country will still be able to show itself to Bitcoin tourism, as there are famous beaches for surfing, among other activities.

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