Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Only 7.5% of citizens in El Salvador report using Bitcoin (BTC) for transactions, according to a recent survey.
The research was carried out by Francisco Gavidia University (UFG), with participants surveyed at the end of September this year.
Salvadorans: Uninterested in Bitcoin?
Respondents were aged 18 and older, with the study involving 1,224 individuals, primarily within the 18-29 age range.
A significant portion (over 71%) resided in urban settings, and most indicated they were employed full-time.
Ninety-two percent stated they did not utilize Bitcoin for transactions, while 0.5% responded that they “did not know” or were unclear about the question.
The researchers also inquired: “What should be the primary focus for the future of the country?”
In response, only 1.3% of participants mentioned “Bitcoin.” The majority suggested that El Salvador should prioritize education or industrial development.
We’ve just accepted offers for debt repurchase totaling U.S. $940,441,670.83
https://t.co/45yIhjdMKn
— Nayib Bukele (@nayibbukele) October 12, 2024
Bukele Approval Ratings Remain High
Despite their apparent lack of enthusiasm for Bitcoin, the respondents expressed positive sentiments towards the token’s most prominent supporter: President Nayib Bukele.
Related Posts
When asked to evaluate Bukele’s performance as President on a scale from 0 (poor) to 10 (excellent), the average rating was 8.43.
His administration received a score of 7.49 on a similar scale, while the National Assembly was rated at 6.94.
The majority also expressed “optimism” regarding the country’s future, with approximately 80% indicating they felt neutral or positive about the nation’s economic situation.
Rooting for the Future: 4,000 Mangroves Planted to Protect El Salvador’s Coasts. https://t.co/j7IIzBls4M
— El Salvador News English (@SLVNewsEnglish) October 11, 2024
The Spanish-language news outlet Criptonoticias highlighted that “up to now, the Bitcoin adoption rate among Salvadorans was around the 20% level.”
A comparable study released in January 2024 by the José Simeón Cañas Central American University (UCA) indicated BTC adoption rates exceeding 10%.
However, this still reflects a significant decline. Surveys from 2022 and 2021 reported BTC usage above 20%.
“There are few expectations that Bitcoin interest will rise,” the same media outlet noted.
Bukele recently acknowledged that he had anticipated higher adoption rates when he enacted the legislation that granted BTC legal tender status in September 2021.
Nonetheless, lower adoption rates seem to have benefited El Salvador’s standing with the International Monetary Fund (IMF).
The IMF, which was previously skeptical about El Salvador’s BTC adoption initiatives, has recently indicated that it sees no BTC-related “financial risks” in the Central American country.
The post El Salvador Survey: Only 7.5% of Citizens Use Bitcoin appeared first on Cryptonews.
