Survey finds most El Salvador citizens are skeptical of making BTC legal tender

More than half of Salvadorans surveyed don’t seem as keen as their president to adopt Bitcoin.

According to a newly released survey, up to three-quarters of Salvadorans are skeptical over President Nayib Bukele’s Bitcoin adoption plans.

The survey, which polled 1,233 people across El Salvador between July 1 and 4, revealed that only 20% approved of the plan to make Bitcoin legal tender

The survey, which has a margin of error of 2.8%, was conducted by researcher Disruptiva, which is affiliated with Francisco Gavidia University. According to Reuters, it found that about 54% of people viewed the Bitcoin adoption program as “not at all correct”, while another 24% described it as “only a little correct.”

Almost half of the respondents, or 46%, admitted that they knew nothing about Bitcoin. Around 65% of them were not open to the idea of being paid in digital currency.

Head of Disruptiva’s institute of science, technology, and innovation, Oscar Picardo, commented that “this is a risky bet on digital transformation.”

The country’s new Bitcoin law was passed on June 9, and is due to take effect on September 7 making the world’s leading crypto asset a parallel official currency in the Central American nation. Late last month, the government unveiled a Bitcoin wallet called Chivo but stated that it is just one option available.

At the time, Bitcoin aficionado Bukele stated that the wallet will not incur fees or commissions for transfers and will not take a cut for converting BTC to USD.

In late June, he stated that every Salvadoran adult who downloads the Chivo wallet app will be eligible for an airdrop of $30 worth of BTC.

President Bukele has touted BTC adoption as a way to facilitate remittance payments from citizens living overseas and lessen reliance on the U.S. dollar which has been the national currency since 2001.

Around 70% of the population in El Salvador does not have access to bank accounts or any financial services, but if this small survey is anything to go by, they have yet to see the merits of Bitcoin as a potential solution.

--

--

--

Stock Point is a cross-platform cryptocurrency exchange. Crypto it’s easy with us! stockpoint.io

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

DeXe Infographic designed by CryptoFly

Bitcoin Red Diamond (BRD) is a peer-to-peer crypto currency and can be termed as a modified…

How Scotland liberated smart money

The Russian Roundup: Twitter Joins NFT Frenzy — Issue #21

Tale behind Moving’s Logo

Zunami protocol is causing a tsunami in DeFi market

How is the verification of NFT metadata made easy?

Bitcoin Mining Explained in 15 Tweets

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Stock Point

Stock Point

Stock Point is a cross-platform cryptocurrency exchange. Crypto it’s easy with us! stockpoint.io

More from Medium

Crypto-Metaverse Classic : The Next Sand Token 1000x potential, Very Urgent.

Is Coin Supply Misinterpreted in DeFi?

Disruptive Decentralization: The Promise Of Blockchain-Based Peer-To-Peer (P2P) Lending

A Currency to Last Forever — VERA