Originally published on: October 16, 2024
A recent survey conducted by San Salvador University Francisco Gavidia has shed light on Salvadorans’ lack of enthusiasm for using Bitcoin as legal tender in their country. The survey found that a whopping 92% of respondents do not make transactions using the cryptocurrency, showing a significant reluctance to adopt this form of payment.
Out of the participants in the survey, only 7.5% reported using Bitcoin for transactions, while a mere 0.5% chose not to respond to the question. These results indicate a slight decrease in Bitcoin usage compared to a previous survey conducted by the University of Central America’s public opinion institute, where 88% of Salvadorans admitted to not using Bitcoin for transactions in 2023.
The survey, which interviewed 1,224 adult citizens of El Salvador, covered a range of topics including political and economic concerns. Surprisingly, despite the lack of interest in Bitcoin as a means of transaction, around 60% of respondents expressed approval of President Nayib Bukele and the country’s current direction.
Interestingly, only 1.3% of participants believed that Bitcoin should be the country’s “main bet” for the future, highlighting a strong preference for focusing on education and industry development. President Bukele, who has gained both popularity and controversy during his tenure, has been pushing for El Salvador to embrace Bitcoin and attract foreign investment through initiatives like Bitcoin “Freedom” visas and the development of a Bitcoin City.
Overall, the survey results showcase Salvadorans’ current sentiments towards Bitcoin and their priorities for the country’s growth and development. It remains to be seen how President Bukele’s vision for positioning El Salvador as a world leader in various industries, including crypto, will align with the preferences of the majority of citizens.
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