More than half of those who downloaded the app stopped using it after spending the welcome bonus

NBER: a third of Salvadorans have downloaded the Chivo bitcoin wallet

28.04.2022 - 13:30

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1 min

What’s new? A third of Salvadorans surveyed downloaded the state-owned Chivo bitcoin wallet. According to a report from the US Economic Bureau of Economic Research (NBER), more than half of those who downloaded the app stopped using it after spending the welcome bonus of $30 in BTC. Between 6 000 and 15 000 transactions are made daily on Chivo. The study surveyed 1800 households.

The NBER’s report

What else does the report say? 68% of those surveyed were aware of the existence of Chivo. The wallet was installed by 4,3 million people, with analysts claiming “virtually no downloads” in 2022. The share of BTC transfers on Chivo is only 1,6%.

Users have also reported problems related to scams with obtaining free bitcoins and identity leaks. The analysts attribute the wallet’s low distribution rate to the fact that only 65% of El Salvador’s population has a phone with Internet access.

“The probability of being aware of Chivo is higher for individuals who own a cell phone with internet, and who are banked, educated, young, and male,” the report says.

What had happened before? According to a survey conducted by the state-owned Chamber of Commerce, 14 % of businesses in El Salvador use bitcoin to make transactions.

More than 90% of companies stated that the adoption of bitcoin as a means of payment had no impact on their revenue.

Author:

Vasiliy Smirnov Vasiliy Smirnov

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