El Salvador will take 3 million Bitcoin users on board if prices go up

El Salvador’s President Nayib Bukele confirmed that the Latin American nation successfully added over 3 million users to their Chivo wallet app in just 26 days.

The President of El Salvador, Nayib Bukele, confirmed via Twitter on Sunday evening that the Latin American nation had successfully added over 3 million users to its Chivo wallet app in just 26 days.

The total population of El Salvador is 6.48 million, which means that almost half of its citizens received $ 30 worth of Bitcoin as legal tender within the first month of the government’s inauguration.

Bitcoin’s price fell from around $ 52,600 in the first few weeks after the historic September 7th assumption, but spent the month of October rebounding in the $ 47-48,000 range. The total global bitcoin hash rate has also increased during this time.

It remains to be seen whether and to what extent a rise in the price of Bitcoin above the initial $ 52,000 mark on September 7th will change the public sentiment for the introduction of Bitcoin in El Salvador.

In particular, the El Salvador government itself has amassed over $ 33 million worth of bitcoin to date, up from about $ 31 million on September 20. El Salvador last bought Bitcoin when it fell around the $ 45,700 mark, at a time when Bukele believed the asset was undervalued by the global market.

The country is now in the green on this dollar purchase, but more importantly, Bukele has shown its determination to buy, hold and mine bitcoin over the long term, and the country remains the only country to have bitcoin publicly in reserve holds.

In just four months, the Bukele managed to make El Salvador the first nation to introduce Bitcoin as legal tender, distributing Bitcoin worth 30 US dollars to all citizens of the country via the state-sponsored Chivo app, 200 Bitcoin ATMs installed in the country, buy 700 bitcoin for the national reserve and start mining the toughest money mankind knows on the side of a volcano through geothermal energy that is 100% renewable.

The world is watching this experiment, and bitcoiners are excited to see which country will adopt bitcoin next as nations are forced to compete or be left behind. The game theory prisoner dilemma began in world politics, and nation states that adopt Bitcoin first have a great advantage.

The views and opinions expressed are those of the author and do not necessarily reflect those of Nasdaq, Inc.

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