In addition, 65.5% of respondents say the adoption of Bitcoin as legal tender in El Salvador had been a 'failure.'
by José Simeón Cañas Central American University in El Salvador, 77.1% of respondents say that they want the Salvadoran government to stop “spending public money on Bitcoin.”
Moreover, only 24.4% of respondents say they’ve used Bitcoin as a means of payment since the country’s government recognized it as legal tender last year. The survey, conducted by the privately owned but nonprofit Central American University, polled local Salvadoran residents regarding their opinion on Legislative Decree No. 57, whichin El Salvador on Sept. 7, 2021. A total of 1,269 valid interviews were collected during September 2022, with a reported margin of error of 2.75% on a 95% confidence interval.
Although there was no direct causal link between the adoption of Bitcoin and the country’s economic situation, 95% of survey respondents say their lives “stayed the same” or “[have] gotten worse” since Bitcoin became legal tender. The country’s president, Nayib Bukele, is famous for his Bitcoin campaign that has sought to attract tourism and foreign investment.
The politician and blockchain personality is also known for publicizing repeated purchases of BTC with the country’s national budget. The Salvadoran government hasover $107 million buying Bitcoin to date, according to the Nayib Bukele Portfolio Tracker. Still, despite dollar-cost averaging, the investments are currently only worth $45.7 million following this year’s bear market.
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