New York, Tuesday, October 22, 2024 – A new survey conducted by San Salvador’s Francisco Gavidia University reveals that while President Nayib Bukele remains popular for his handling of security issues, his Bitcoin policy has yet to gain widespread adoption among Salvadorans.
The study found that only 7.5% of respondents use Bitcoin for transactions, while 92% do not.
El Salvador made headlines in 2021 when it became the first country to adopt Bitcoin as legal tender, a move driven by Bukele’s vision to modernize the economy and attract foreign investment.
Businesses in the country are legally required to accept Bitcoin if they have the technological capability, but despite this mandate, the survey suggests most citizens prefer to stick with traditional payment methods.
The survey also revealed that only 1.3% of those polled believe Bitcoin should play a major role in the country’s future economic strategy. Despite Bukele’s efforts—including initiatives like offering visas to crypto investors and proposing a “volcano-powered Bitcoin City”—Bitcoin’s usage has not met expectations. In a recent interview with TIME, Bukele acknowledged this, admitting that adoption had fallen short of initial hopes.
While Bitcoin may not have caught on as much as Bukele anticipated, his overall approval remains high. According to the survey, 58% of respondents feel that the country is heading in the right direction, largely crediting Bukele’s crackdown on gang violence.
The president’s tough security measures have been praised for reducing crime in a country once known for high murder rates, though human rights organizations have raised concerns about prisoner treatment and indiscriminate raids.
Despite the lukewarm reception to Bitcoin, Bukele continues to promote El Salvador as a destination for crypto investment, hoping to position the country as a hub for digital assets and tourism.
The survey can be summarized as thus
“The survey conducted by the Francisco Gavidia University in El Salvador reveals that while President Nayib Bukele remains popular, his policy of adopting Bitcoin as legal tender has not gained widespread traction among the Salvadoran public. Only 7.5% of respondents use cryptocurrency for transactions, and a mere 1.3% believe Bitcoin should play a central role in the country’s future. Despite the low adoption rate, the survey highlights that 58% of respondents feel the country is moving in the right direction, largely due to improvements in security. Bukele’s Bitcoin initiative, however, faces criticism for not meeting expectations.”
The survey can be reached here. https://www.disruptiva.media/wp-content/uploads/2024/10/Encuesta-Rumbo-Pais.pdf
