Bitcoin Wallets Surpass Bank Accounts in El Salvador, says President Bukele

El Salvador came to the limelight with its intention to make Bitcoin a legal tender, and this objective saw the light of day in June. 

The Central American country has been making significant strides in the crypto space ever since. The latest revelation is that the number of Bitcoin wallets in the nation dwarf bank accounts. President Nayib Bukele said:

“There is one country on Earth, where there are more people using Bitcoin wallets than bank accounts.”

With a population of 6.6 million, Salvadorians who have downloaded the Chivo Bitcoin wallet account for nearly half of the populace at 3 million. This contrasts with only 29% of Salvadorans with bank accounts as of 2017 based on Statista data. 

However, the journey to legally adopt Bitcoin has not been smooth sailing because it has been warned of severe consequences from different quarters. Nevertheless, this does not discourage the nation’s ambitious plans to bring financial services to at least 70% of its unbanked populace using Bitcoin.

Moreover, the dividends of El Salvador’s BTC investment are starting to pay off because it intends to construct 20 new schools using profits accrued. In September, the country purchased 150 new Bitcoins bringing its accumulation to a total of 700 BTC.

El Salvador’s bold move to make Bitcoin a legal tender is attracting other nations quest to follow in its footsteps. For instance, the Zimbabwean government reportedly consulted the private sector on adopting BTC as a legal payment service. 

Meanwhile, notable personalities are continuously divulging their entry into the crypto space, with the latest one being Shark Tank’s Kevin O’Leary, who revealed that cryptocurrencies comprise 10% of his investment portfolio. 

Earlier this month, Apple CEO Tim Cook disclosed that he owned cryptocurrencies because they presented a diversified investment portfolio.

He also stated that the tech giant was keeping an eye on introducing crypto features in its products in the near future, even though there were no plans of making cryptocurrencies a payment option.