Beautiful Virgin Islands

Monday, Aug 04, 2025

More Salvadorans Have Bitcoin Wallets Than Traditional Bank Accounts

More Salvadorans Have Bitcoin Wallets Than Traditional Bank Accounts

It has been a little over a month since El Salvador made Bitcoin became legal tender in the country. Now the number of Salvadorians who have a Chivo wallet is nearly twice as many than those who have a bank account in the country, according to Forbes.

On October 3, President Nayib Bukele tweeted that 3 million Salvadorians – 46% of the population – were using the Chivo.

According to Statista‘s data from 2017 only 29% of Salvadorians had a bank account. While in 2014, the same figure was 35%, showing decline in the banked population.

It would seem that the Bitcoin experiment in El Salvador is going well. But, there has been opposition from the public, and people questioning President Bukele’s motivations to push ahead with the Bitcoin adoption.

What do Salvadorans think of the Bitcoin Law?
While the international financial institutions have raised their concerns and public protests have taken place in the country, President Bukele has remained unswayed with his stance on Bitcoin.

Salvadorians who oppose the Bitcoin adoption say that BTC favors well-resourced speculators. But to use it as a currency, they maintain that extreme volatility means everyday people might lose out.

Critics have also pointed out certain privacy concerns of using Chivo, as the wallet requires users to consent to microphone and contact access.

With some surveys saying two-thirds of Salvadorians oppose the Bitcoin law, Economist Ricardo Castaneda questioned President Bukele’s motivation to continue down and raised concerns of privacy:

“There has been a high degree of improvisation in the rollout of Chivo and a great deal of opacity.

The app asks for access to your microphone and your contacts, which are not needed for a wallet. Bitcoin might be a distraction but given the decision to push ahead with the plan despite popular opposition and the advice of experts, it could also be an important pillar of Bukele’s political project.”

However, there are signs that indicate that the Salvadorans are embracing the change.

Last week, President Bukele tweeted that Chivo wallet users are exchanging into Bitcoin and holding $BTC at a ratio of 4:1.

“Since yesterday, Salvadorans are inserting more cash (to buy bitcoin) than what they are withdrawing from the chivowallet ATMs. And if we add remittances (almost $2 million per day), the incoming USD QUADRUPLES the outflow.”

Are the numbers reliable?
The number do show that more people have downloaded the Chivo wallet than have bank accounts. But, given the $30 incentive to download it, it might not be accurate to say that Bitcoin is more popular than existing legal tender USD?

If local banks had a $30 incentive to open a bank account, there might similar soar in people opening bank accounts.

Also local news outlets in El Salvador have reported instances of identity fraud involving the Chivo wallet. According to El Mundo, some Salvadorians have tried to download Chivo only to discover that their details have already been registered and the $30 bonus claimed.

This doesn’t really speak highly of Chivo’s security, but it also would indicate that the number of wallet users is overstated.

Source: More Salvadorans Have Bitcoin Wallets Than Traditional Bank Accounts – Fintechs.fi

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
×