🚀 Do Salvadorans Really Need Bitcoin? Survey Results
posted 16 Oct 2024
A recent survey by the University of San Salvador reveals that although Salvadorans largely back President Nayib Bukele and his policies (Bukele was re-elected for a second term in 2024), they don’t see Bitcoin, which he has heavily promoted, as a practical payment option.
According to the survey, about 92% of respondents don’t use cryptocurrency for transactions.
Only 7.5% reported transacting with Bitcoin, while 0.5% preferred not to answer.
92% of Salvadorans do not transact with Bitcoin. Source: UFG
These findings highlight the low level of Bitcoin adoption in El Salvador and indicate a decline in usage—12% of citizens were using Bitcoin for payments in 2023.
Despite this, around 60% of respondents believe the country is on the right track and express strong support for President Bukele’s leadership.
Should Bitcoin be the country’s main focus for future development? Just 1.3% believe so. The vast majority favor prioritizing education and industry instead.
In September 2021, Bukele made global headlines by declaring El Salvador the first country to adopt Bitcoin as legal tender.
The law was implemented so rapidly that the public wasn’t ready for widespread Bitcoin adoption—neither in terms of technical know-how nor in psychological readiness.
Many Salvadorans tried crypto trading just days after first learning about cryptocurrencies and setting up digital wallets. As expected, most of these “early adopters” lost both money and enthusiasm for crypto.
After being sworn in for a second five-year term in June 2024, Bukele continues to position El Salvador as a global leader in various sectors, including cryptocurrency.
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