Bitcoin is one day away in becoming the official currency of El-Salvador yet the survey results are contrary as seven El-Salvadorians out of ten does not want Bitcoin to the legalized under the law called “Bitcoin tender”.
Believe it or not or howsoever it looks odd to anyone but the truth is Bitcoin is going to become El-Salvador’s official currency. Bitcoin was officially inducted by the El-Salvadoran Government as its official currency under the document titled as “Bitcoin tender”. This very legal tender became the hottest topic not only in El-Salvador but also in the international community. While some amongst the international community were appreciating the initiative, however, majority was arguing against it.
The El-Salvadoran Government believes that the adoption of Bitcoin as an official currency would entirely change the country’s economy. The moment is now about to take place as there is only one more day left when Bitcoin will be titled as El-Salvador’s official currency. The eyes of the whole world are glued right now towards El-Salvador. They want to see whether Bitcoin has the power to bring about a change expected by the Government of El-Salvador.
The Government had said that on 7th September 2021, the law of Bitcoin will be implemented in the country. Thereafter, the country would have two official currencies (i.e. US Dollar and Bitcoin) working side by side with each other. But prior to the implementation of Bitcoin law, there was a survey commissioned by the University Institute of Public Opinion. The survey obtained neutral opinions of El-Salvadorans in between 13th August till 20th August 2021.
If one looks at the results of the survey, one thing is quite visible that the Bitcoin legal tender is not appreciated by the majority opinion. Most of the El-Salvadorans are not in favor of the law but instead want the same to be repealed in the greater public interest.
For example, the results found that 7 out of every ten nationals are against the Bitcoin tender. They literally do not understand the motivation behind having two official currencies at a time. They claim that to the currency is such which is printed on a piece of paper and not something which cannot be seen. They believed that Bitcoin as official currency is going to be a disaster which will create further difficulties in an already unviable financial system.
However, there were only 3 people amongst every ten El-Salvadorans who believed that the initiative will be a game-changer.
There were 1,281 El-Salvadorans from the age group of 18 to 60 who were interviewed for the purposes of the survey. The conclusion suggests that the majority does not want the law to come into effect. Instead, they want it to be revoked for the sake of people. However, it seems that the time has already lapsed because when this day will end, Bitcoin will indeed become El-Salvador’s official currency.