Yes, Bitcoin Adoption Reached 70% in El Salvador, but There’s a Catch
Main Idea
While El Salvador reports high Bitcoin adoption rates, with 70% of Salvadorans having owned Bitcoin at some point, the actual usage and impact, especially in remittances, remain minimal.
Key Points
1. Over 70% of Salvadorans have owned Bitcoin at some point, with nearly 30% currently owning it, largely due to government initiatives like the Chivo Wallet and a $30 airdrop.
2. A survey found that 60% of Chivo Wallet users abandoned the platform after receiving the airdrop, indicating low sustained engagement.
3. Bitcoin's share in the remittance market is less than 1%, with Salvadorans preferring traditional fiat-based alternatives despite its legal tender status.
4. The adoption surge was driven by President Nayib Bukele's policies, including the Chivo Wallet, but practical usage remains limited.
Description
According to figures compiled by Cornell University, El Salvador boasts one of the highest bitcoin ownership rates in the world, reaching over 70% at one point. Nonetheless, while these numbers may be accurate, the circumstances behind them need to be understood. Bitcoin Ownership in El Salvador Gone Viral: The Truth Behind the Numbers El Salvador
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