El Salvador’s updates: 3 million users onboard with crypto adoption
Focusing on incentives, El Salvador already revolutionized clean-energy mining and gave discounts gas fees for those who use BTC, pushing the adoption even further
With its plan of making Bitcoin a legal tender in the country, El Salvador just hit three million users on the Chivo wallet (country’s official wallet), as more incentives and investment have been made by the Salvadoran President, Nayib Bukele.
In a tweet he made this Sunday (October 3), Bukele proudly announced the 3 million mark as very exciting news happened throughout last week. Following the President’s total acquisition of 700 BTC as the market was shaken for a few days with news of China’s crisis and more, El Salvador has been implementing other incentive policies.
One of the greatest highlights was the fact that the country made its first mining powered by a volcano. The amount of 0.00599179 bitcoin, something around $269, was mined last week in a geothermal facility where Bitcoin mining machines operated on the side of a volcano.
Bukele shared the news on Twitter and the video posted generated millions of views.
Back in June, the Salvadoran President elucidated the environmental side of this endeavor, stating “Geothermal, it's a very, very clean source of energy and it's probably one of the -- I would say the best, because there's a lot of other green energy projects that are good, but it has almost no downsides.”
The clean energy topic has been an important point inside the crypto community and some believe that it’s a strategic subject to resolve in order to have a bigger cryptocurrency adoption around the world.
For Bukele, this idea solves this issue because it’s something that relies on the Earth’s energy and not artificial or environmental-damaging sources.
“And it works 24/7, 365 days a year. It will probably work for the next 500 million years, or whatever, just before the Sun absorbs the Earth or something. So, it's going to be there; it's there 24/7”.
-Nayib Bukele, El Salvador’s President
Lower gas fees
Finally, another great repercussion of the country’s implementations was the discount in gas fees for those who used BTC for payment.
By using the government-issued Chivo Wallet, local residents will have a $0.20-per-gallon reduction in petrol prices as a means of incentive to use the cryptocurrency.
With all of that, El Salvador continues to grow in crypto adoption and in this moment the 3 million users of the digital currency are keeping up with Bitcoin’s highs in October that, according to specialists, could even go higher.
By Maluh Bastos