Survey Shows Salvadorans Still not Convinced about Bitcoin as Legal Tender

Francisco GavidiaUniversity recently conducted a survey in El Salvador, where it is based. The private institute’s Center for Citizen Studies discovered that almost half of the people of Salvador who participated in the survey still prefer to use the dollar, as opposed to Bitcoin, which has also been made legal tender in the country. NayibBukele, the President of El Salvador, has aggressively pushed Bitcoin. However, as it turns out, the leading cryptocurrency has not received a warm welcome by the population of the country for the most part, eight months after it was declared legal tender.

The numbers indicate that 62.3% of the people who responded to the survey shared this opinion, which does not bode well. A total of 1,306 interviews had been conducted in the survey all over El Salvador. The purpose was to evaluate the perception of Salvadorans about how the country has been managed by its existing president. It disclosed that there were only 23.7% people who were in favor of the adoption of bitcoin as legal tender and had the same stance regarding the ongoing crypto movement. There were also 11% people who were doubtful and did not know where to lean.

There are some experts who believe that the adoption of Bitcoin is the biggest problem that NayibBukele has had to face as president of El Salvador. Many people are significantly doubtful about getting paid in the form of bitcoin. According to 43-year old Doris Ponce, who is a juice vendor, people are not interested in getting bitcoin yet. They may decide to accept it after the disappearance of the dollar. NayibBukele, on the other hand, has been investing in Bitcoin quite aggressively. Last year, the Bitcoin Law was approved in El Salvador, and since then, he has bought about 2,300 BTC.

But, it should be noted that these investments have not done the country any good so far. In fact, El Salvador has seen its credit score reduced by agencies like Moody because these purchases are said to bring about a lack of transparency. This is due to the fact that only Bukele’s tweets are an indication that such a purchase has been made and there has been no other public announcement. Moreover, the International Monetary Fund (IMF) has also repeatedly issued warnings to government officials in El Salvador to remove bitcoin as legal tender in the country.

Nevertheless, they are still cooperating with the country and offering it technical help that it needs for dealing with bitcoin adoption. Despite the negative response in the survey about the Bitcoin Law, there was one other surprising result. It showed that people are still positive about the president. When asked about the management of the country and Bukele’s performance, the score was 8.34 out of 10. This shows that Salvadorans have kept the bitcoin issue separate from the other decisions that NayibBukele has made in regard to the government and the management of the country.

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