Salvadorans have yet to embrace the country’s adoption of Bitcoin as legal tender, according to a recent survey. The study, conducted by the Francisco Gavidia University of San Salvador, revealed that 92% of respondents do not use Bitcoin for transactions. Out of the 1,224 adult Salvadoran citizens surveyed, only 7.5% reported using Bitcoin, while 0.5% chose not to respond. These findings indicate a slight decrease in Bitcoin usage compared to a previous survey conducted in 2023, where 88% of Salvadorans reported not using Bitcoin for transactions.
Despite the lack of enthusiasm for Bitcoin, around 60% of respondents expressed approval of President Nayib Bukele and believed that the country was heading in the right direction. However, only 1.3% of respondents believed that Bitcoin should be the main focus for the country’s future. Instead, the majority of respondents emphasized the importance of education and industry development.
President Bukele, who was elected in June 2019, has gained popularity through his controversial crackdown on organized criminal gangs, leading to the imprisonment of approximately 1% of the country’s population. While many Salvadorans supported this approach, human rights advocacy groups criticized the lack of due process and alleged mistreatment of those incarcerated.
In September 2021, Bukele made headlines by making El Salvador the first country to adopt Bitcoin as legal tender. He has since made efforts to attract foreign investment through initiatives such as Bitcoin “Freedom” visas and the development of a Bitcoin City. Bukele, who began his second five-year term as president in June, aims to position El Salvador as a global leader in various industries, including cryptocurrency.
Despite these initiatives, the survey’s results indicate that Salvadorans are not fully embracing Bitcoin as a means of transaction. Education and industry development remain the top priorities for the majority of respondents, suggesting that further efforts may be needed to convince Salvadorans of the benefits of Bitcoin.