The acceptance of Bitcoin as legal tender in El Salvador has not been widely embraced by Salvadorans, as a recent survey revealed that 92% of respondents do not use the cryptocurrency for transactions.
According to the survey conducted by San Salvador University Francisco Gavidia on October 10, only 7.5% of respondents reported using Bitcoin for transactions, while 0.5% chose not to respond to the question.
These findings indicate a slight decrease in Bitcoin usage in the Central American nation. A previous survey by the University of Central America’s public opinion institute in 2023 found that 88% of Salvadorans did not use Bitcoin for transactions.
The survey, which interviewed 1,224 adult citizens of El Salvador, also asked participants about their main concerns regarding politics and the economy. Approximately 60% of respondents expressed approval of President Nayib Bukele and believed that the country was moving in the right direction.
However, when asked about the country’s future, only 1.3% of respondents considered Bitcoin to be the “main bet.” Instead, the majority of respondents emphasized the importance of focusing on education and industry.
President Bukele, who was elected in June 2019, has gained popularity for his controversial crackdown on organized criminal gangs, resulting in the imprisonment of approximately 1% of the country’s population. While this approach was supported by many Salvadorans, human rights advocacy groups criticized the lack of due process and the alleged mistreatment of those incarcerated.
In September 2021, Bukele made El Salvador the first country to adopt Bitcoin as legal tender and has since made efforts to attract foreign investment through initiatives such as Bitcoin “Freedom” visas and the development of a Bitcoin City.
Bukele began his second five-year term as president in June, promising to position the country as a global leader in various industries, including cryptocurrency. However, the recent survey indicates that the majority of Salvadorans do not view Bitcoin as the primary focus for the country’s future development.
It is worth noting that while the adoption of Bitcoin in El Salvador has received international attention, the survey suggests that the general population remains hesitant to fully embrace the cryptocurrency for everyday transactions.