Salvadorans Are Slow to Use Bitcoin for Everyday Transactions
Date: 2024-10-18 Author: Henry Casey Categories: IN WORLD
According to the results of a study conducted by the Francisco Gavidia University of San Salvador, about 92% of respondents admitted that they do not make transactions using Bitcoin. Only 7.5% of respondents said that they used the cryptocurrency in their financial transactions, and 0.5% chose not to disclose their position on this issue.
These figures indicate that interest in Bitcoin in the country has somewhat weakened. A year earlier, a similar survey conducted by the University of Central America found that 88% of residents did not use Bitcoin for transactions in 2023.
The study involved 1,224 adult citizens of El Salvador, who expressed their views on the most important political and economic issues in the country. Despite the low interest in Bitcoin, about 60% of respondents said the country is moving in the right direction, and President Nayib Bukele has received strong support.
As for the future, only 1.3% of respondents believe Bitcoin should be the foundation of the country's future. The majority believe education and industry should be the priority, not cryptocurrencies.
Nayib Bukele, who became president in 2019, gained popularity thanks to a tough crackdown on criminal groups, which led to the arrest of about 1% of the country's population. Despite domestic support, Bukele's methods have been criticized by human rights groups for violating the rights of detainees and using excessive force.
In September 2021, Bukele made El Salvador the first country to recognize Bitcoin as legal tender. Since then, the president has sought to attract foreign investment through initiatives such as the Freedom cryptocurrency visa and the Bitcoin City project.
Bukele was re-elected to a second five-year term in June this year. In his inauguration speech, he promised to make El Salvador a global leader in various industries, including cryptocurrencies.
