TL;DR breakdown
- Bitcoin wallet addresses now more than bank accounts in El Salvador.
- Bitcoin recording more success in El Salvador despite heavy criticism at initial stage.
- More countries looking at adopting Bitcoin as legal tender.
Another intriguing news for Bitcoin from El Salvador. President Nayib Bukele of the American country has said that the number of Bitcoin wallet addresses opened has surpassed the number of bank accounts in El Salvador.
It is another good news for the country after formally adopting BTC as legal tender in September this year. El Salvador already has many good news on Bitcoin after the unpopular adoption.
Nayib Bukele announced that more Bitcoin wallet addresses have been opened in El Salvador than bank accounts in a cryptic message on his verified Twitter page on Monday. “There is one country on Earth, where there are more people using #Bitcoin wallets than bank accounts, he wrote.
With more Bitcoin wallet addresses, success after many outrage in El Salvador
Telling the story of how more Salvadorians have opened Bitcoin wallet addresses surpassing bank accounts, cannot go without the hardship encountered by Salvadorians and the government during the adoption phase.
The government was heavily criticized for its BTC adoption and everyone warned about the consequences. However, President Bukele has made it clear that the adoption is not a mere advertisement and PR stunt, rather it was done to ensure banking facilities to more than 70 percent unbanked population.
After many protests from residents, criticism from opposition political parties and other stakeholders, it seems the country is already reaping the rewards of adopting Bitcoin. Amidst that, the president has been working on modalities to add new services and features around Bitcoin. The country is already seeing millions in remittance daily via hundreds of Bitcoin ATMs.
Other countries mulling Bitcoin adoption
After El Salvador made the bold move, many other countries in America, facing economic hardship and high inflation, have been mulling adopting Bitcoin also. However, none has made a decision or said precisely when it would happen.
Also, Zimbabwe in Africa has been rumored to be making plans to make Bitcoin a legal tender; however, the government debunked the rumor noting that it is only open to a CBDC.
