El Salvador is a country that made Bitcoin a legal tender when no one else was thinking of it, even in the bleakest sense. The country was ridiculed not only by the IMF but also the World Bank for getting into a crypto wagon that is evidently going to crash in the future and, with it, the economy of El Salvador as well. But despite all negativity, El Salvador chipped in all of its effort and belief into Bitcoin and pulled the trigger on making it a legal tender. The people of El Salvador and the president of the country specifically believe that the whole thing has just worked out wonderfully for them.
Not only other countries are now trying to understand cryptocurrency better, but they also want to be an active part of it. The Chivo wallet is the state-controlled wallet that was downloaded by almost half of the El Salvadorans is now gaining immense traction in terms of remittance requests. The president of El Salvador has confirmed that the Chivo wallet has secured more than 24,076 remittance requests in the previous 24 hours, and it seems that El Salvador people are taking this whole initiative rather seriously.
Chivo Wallet’s Withdrawal Rate is Low
Either they have made up their mind that they should go with the flow, which is that their country has already made Bitcoin a legal tender and asking them to invest in it, so they should do it. This is exactly what is happening here as people are investing the U.S. dollar into the Bitcoin industry, or someone could say that they are swapping dollars with Bitcoin.
The withdrawal rate, on the other hand, is not at all lucrative; it seems that people are not interested in taking crypto out of their wallets and converting it into fiat currency, but it is the other way around. It might be an elaborate scheme of investing some money into Bitcoin when it is finally soaring high, and the chances of a bullish run are nearer than ever, or it could be the sentiment of the people talking, to be able to support their country in this big step that has been recently taken.
