Recent surveys by the Center for Citizen Studies of the Francisco Gavidia University in El Salvador found that over half of Salvadorans still prefer the dollar to bitcoin as legal tender. Eight months after it was approved as legal tender, Bitcoin has not been widely accepted by the public.
El Salvadorans aren’t sure whether bitcoin can be used or adopted as legal tender. The Center for Citizen Studies at Francisco Gavidia University conducted a new survey and found that 62.3 percent of Salvadorans disagree with the legalization of bitcoin. They prefer the dollar.
13006 interviews were conducted across the country to assess the perceptions of Salvadoran president Nayib Bukele about the management of the country. The survey revealed that only 23.7% of respondents supported adoption of bitcoin and the cryptocurrency movement in their country. A little over 11% were skeptical.
Experts believe that the bitcoin adoption problem has been the most difficult issue Bukele has faced. People are often unsure about whether they will be receiving bitcoin payments. Politico spoke to Doris Ponce, a 43 year-old juice vendor.
It’s not something people want yet. Perhaps when the dollar vanishes.
Bitcoin and Bukele
El Salvador has also invested in bitcoin. Bukele has purchased more than 2,300 BTCs since last year’s Bitcoin Law was passed. These investments have not been a success for El Salvador, with Moody’s cutting the country’s credit score due to lack of transparency.
The International Monetary Fund is working alongside the country, providing technical assistance in matters concerning bitcoin adoption. This even though the organization repeatedly advised government officials to abandon bitcoin’s legal tender status.
According to the same survey however, Salvadorans still view the president’s image in a positive light. Bukele’s country management received 8.34 points out 10 which shows that Salvadorans can separate the bitcoin issue and other actions that Bukele takes in other areas.
