Next month is coming one of the most complete analyses of Bitcoin in El Salvador as legal tender from one of the biggest financial entities in Central America..
I am bringing from first hand here, I am sharing some facts will be included in the report. I will try to keep it simple.
Chivo Wallet
Total users vs active users
| Year | Total Users | Active users |
|---|---|---|
| 2021 | 2,000,000 | 253,451 (EOY) |
| 2022 | 4,000,000 | 335,620 (EOY) |
| 2023 | 4,500,000 | 382,340 |
Each user got USD 30 at the beginning of the project, it is estimated that around 4M users were able to redeem it, bringing a total of USD 120M (Initial budget was
- 73% of the population cash out within a week of their Chivo Wallet bonus
- 500,000 users registered in the first week
Other facts
- 70% of respondents are unbanked
- 71% of Salvadoreans are aware of the Chivo Wallet
- 97% of the population prefers to use cash
- 5% of Salvadorans paid taxes via Chivo Wallet
- 3% of respondents received remittances in Bitcoin via Chivo (Mostly coming from the US)
- 18% of small-medium businesses accept bitcoin as payment method(2023)
- Over 69% of respondents have felt of lack of understanding and trust of the project and bitcoin
- The main Bitcoin users are below 25 years old, high school education level, male, and banked individuals (24%)
- El Salvador government currently holds 3036 BTC
- Purchase DCA (Dollar cost average) $40 701.81
- In the first week of the project, El Salvador government purchased 550 BTC
- Since El Salvador started to DCA on November 18, 2022 (Buying 1BTC per day), the total expenditure has been $8,216,047.63 and the current value is $8,876,360.60(by today), which means a profit of $660,312.97 (+8.04%) (That is why DCA is very important guys) https://imgur.com/MDXyecX
- So far El Salvador government is in reds if we consider since the first purchase which was during last bull run -$41 410 238.53 (-33.51%)
Hope everyone enjoys this data, I will share with you the final report once is out!
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