El Salvador is on a mission to popularize the use of Bitcoin within the country’s borders and it may be reaching its goal, one citizen, at a time. According to President Nayib Bukele, the adoption of Bitcoin was gaining momentum as the citizens were increasingly exchanging their U.S. dollars for Bitcoin.
The President provided data based on its in-house wallet service, Chivo, and noted,
“1. People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs (any media outlet can independently confirm this by visiting the ATMs).”
Despite the rise of the local population buying and selling Bitcoin, the problems with the Chivo wallet have not yet been completely overcome. A user complained to have lost $220 when trying to withdraw cash from the Chivo digital wallet.