El Salvador’s President Nayib Bukele confirmed via Twitter Sunday evening that the Latin American nation has successfully onboarded over 3 million users to its Chivo wallet app in just 26 days.
The total population of El Salvador is 6.48 million, meaning nearly half of its citizens have received their $30 worth of Bitcoin within the first month of the government making it legal tender.
The price of Bitcoin declined from about $52,600 in the first few weeks following the historical 7 September adoption, but has spent the month of October rallying in the $47-48k range. The total global Bitcoin hash rate has also risen in this time.
It remains to be seen whether and to what extent a rise in Bitcoin price above that initial 7 September $52k mark changes the public sentiment for Bitcoin adoption El Salvador.
Notably the government of El Salvador itself has so far amassed 700 Bitcoin, worth over $33 million at the time of writing, up from about $31 million on 20 September. El Salvador last purchased Bitcoin at a dip around the $45,700 mark, at a time Bukele believed the asset was undervalued by the global market.
The country is now in the green in dollar terms on that purchase, but more importantly, Bukele has shown a resolve to buy, hold, and mine Bitcoin long term, and the country remains the only one to publicly hold Bitcoin in reserve.
In just four months, the Bukele has managed to make El Salvador the first nation to adopt Bitcoin as legal tender, distribute $30 worth of Bitcoin to all of the country’s citizens via the state-sponsored Chivo app, install 200 Bitcoin ATMs within the country, purchase 700 Bitcoin for the national reserve, and begin to mine the hardest money known to man on the side of a volcano, through geothermal power that is 100% renewable.
The world is watching this experiment, and Bitcoiners are eager to see what country will be next to adopt Bitcoin as nations are forced to compete or be left behind. The game-theoretic prisoner’s dilemma has begun in global politics, and nation states that adopt Bitcoin first are at a great advantage.