Salvadorans Are Skeptical of Bitcoin in Bringing About Prosperity & Change

Salvador’s President might be positive about Bitcoin but that’s what not the Salvadorans believe. They are skeptical about Bitcoin that it won’t be able to bring about the change and the prosperity as has been expected by the President and the Government officials. Almost half of the Salvadorans told that they are not familiar with Bitcoin and how it would be helpful in saving the deteriorating economy. Meanwhile, two-third of this half audience said that they don’t want to receive their payments in any form of crypto.

El Salvador’s President, Nayib Bukele is positive that the Bitcoin initiative will change the dynamics of the country. He believes that the initiative will help the national economy and will take it to another level. However, the majority of Salvadorans don’t think the way, the country’s President is thinking. They were told by the Government that Bitcoin’s legalization will bring about positive changes. The changes, which will be impacting the national economy by helping it to remain stable and grow further. Ultimately, prosperity will come into effect changing the livelihood of the people living below and above the poverty line.

Apparently, the public in El Salvador is skeptical about the Bitcoin initiative. In an effort to judge the peoples’ response towards the initiative, a poll was conducted throughout the country. The ultimate finding of the poll results showed that the Government’s understanding of its public is not 100% correct. In fact, the figures fall short of even suggesting that the majority liked the Government’s crypto-friendly initiative.

Coming to the survey, the results showed that almost 56% of Salvadorans do not support Bitcoin’s legal tender. While 24% of the audience revealed that the crypto policy may or may not be fruitful. However, there were only 20% of Salvadorans, who fully backed and supported the Government’s initiative regarding Bitcoin.

It was reported that the independent survey was carried by a project of Francisco Gavidia University namely Disruptiva. It took four days at least for the teams of Disruptiva to survey at least 1,233 citizens of El Salvador. It was also told in the survey report that the report findings have a chance of error @ 2.8% only.

Before adopting Bitcoin as an alternate/secondary currency, the country was relying on US Dollars for a very long time. However, through the efforts of President Nayib Bukele, the country decided to adopt Bitcoin to work simultaneously with the US Dollar. For this purpose, the country’s lawmakers sat together and drafted the legislation, which was approved immediately. Now the world’s leading crypto is recognized as an official currency for El Salvador along with the US Dollar.

So far, El Salvador is the first country that has made Bitcoin an official currency. However, the interest in adopting Bitcoin as an official currency is growing in many Latin American countries.

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