Bitcoin did not help El Salvador. 71% of respondents in the country say so


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Bitcoin did not help El Salvador.  71% of respondents in the country say soOnly 6.1% of people living in El Salvador felt that the Bitcoin (BTC) law was beneficial to them. 71% felt no positive change due to the country recognizing cryptocurrency as an official tender.

  • El Salvador was the first country in the world to accept Bitcoin as legal tender
  • However, data from the market shows that the adoption of BTC in the country remains at a low level and citizens do not feel that their economic situation is improving.
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Bitcoin has not improved the lives and economic situation of Salvadorans

A large swath of Salvadorans said the Bitcoin law promoted by their president, Nayib Bukele, had “not helped them at all,” despite being approved almost a year ago.

A study by the “José Simeón Cañas” Public Opinion Institute of the Central American University of Central America found that 71% of the 1,270 Salvadorans surveyed said that the BTC law had not brought them any financial gain.

Moreover, according to a poll, 12.8% of Salvadorans said the law had brought little economic benefit to their families, contrary to what appeared on social media. Only 6.1% said they had made significant gains with Bitcoin.

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Is the Bitcoin law a failure for President Bukele?

According to the latest poll, more than half of Salvadorans admit that President Nayid Bukele has suffered no major defeats in his third year in office; however, 3.9% of respondents consider the BTC law and related investments to have failed.

NDE

This discontent could be linked to the crash of the cryptocurrency market, precisely in the months following the president’s use of public money to invest in Bitcoin, spending millions of dollars in cryptocurrencies rather than focus on other priority investments due to the country’s economic situation.

Additionally, the government continues to buy Bitcoin and run into debt, even though the currency has been on a downtrend since last November, sparking discontent among those who view cryptocurrencies as a tool for fraud or money laundering. ‘silver.

Bitcoin has been losing very sharply since last November.  Source: KuCoin
Bitcoin has been losing very sharply since last November. Source: KuCoin

El Salvador’s Efforts to Increase BTC Adoption Have Failed

20% of respondents said their economic situation had improved due to government financial aid, including $30 given in Bitcoin as an incentive for those who installed the government’s Chivo wallet on their cellphones.

Another February study by the National Bureau of Economic Research (NBER) found that only 20% of people who spent the $30 bonus continued to use the Chivo wallet, despite government incentives, such as lowering fuel costs at service stations.

– While most Salvadoran citizens have a mobile phone with internet connection, less than 60% of them downloaded Chivo Wallet and 20% continued to use the app after spending the $30 bonus. Additionally, 5% of citizens have paid their taxes with BTC, and despite its legal status, only 20% of businesses – mostly large ones – accept Bitcoin. – summarized in the report.

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