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From the article, 68% of people had heard about the Chivo wallet, of those, 78% downloaded it, 40% of those people continue to use the app. That's 21.216% of Sa
by betwixthewires 4y ago
From the article, 68% of people had heard about the Chivo wallet, of those, 78% downloaded it, 40% of those people continue to use the app. That's 21.216% of Salvadorians using the app. That's failure 8 months in? A fifth of the country is to some degree or other transacting in bitcoin? What is "critical mass"? Less than one in five people in America use Twitter!
It appears they're using bitcoin as a means of exchange and USD as a store of value, in other cases, the opposite; using the bitcoin wallet as a savings account.
Which, IMO, is the point of all this. The goal wasn't to get people to stop using dollars, if that were the goal, dollars would be removed as a national currency. The goal is to get people to have options.
This is a one time banana republic, these people are skeptical of anything the government does. I'm sure there was plenty of skepticism when the dollar was rolled out too. Of course they're going to move cautiously.
Calling this a failure after 8 months, they won't even call the affordable care act a failure and it's been a decade of healthcare prices going up since then. This is PR, not reporting.