Bitcoin Struggles to Gain Traction in El Salvador as 92% People Avoid Using it for Transactions

Bitcoin has struggled to gain significant traction in El Salvador as many locals fail to welcome its adoption of Bitcoin as legal money.

A recent survey showed that 92% of Salvadorans do not use Bitcoin for transactions. Only 7.5 % of those surveyed said they had used Bitcoin to make payments.

Low Bitcoin Adoption in El Salvador: Survey Shows Declining Usage

A survey by San Salvador University Francisco Gavidia revealed that most El Salvador residents have not adopted Bitcoin as a payment method. About 92% of survey respondents do not transact with BTC; only 7.5% do.

Additionally, 0.5% of the respondents did not answer the question about their use of Bitcoin.

The latest survey results show a slight drop in Bitcoin use in El Salvador. An earlier survey from the University of Central America also had similar findings.

In that survey conducted in 2023, 88% of Salvadorans said they did not use Bitcoin for transactions. This means that the percentage of people using Bitcoin is still very low. The decline indicates that fewer people are willing to adopt Bitcoin as a payment method in the country.

The survey, which was conducted among 1,224 adult citizens of El Salvador, asked people about their biggest political and economic concerns.

About 60% of the respondents felt the country was going in the right direction. They showed strong support for President Nayib Bukele. This indicates that many citizens trust his leadership and believe he makes the right decisions for the country.

The survey revealed that only 1.3% of respondents believe Bitcoin should be the primary focus for the country's future. Most people said that education and industry should be the top priorities instead.

El Salvador's President Imprisons 1% of Population in Fight Against Organized Crime

President Nayib Bukele assumed office in June 2019. Since then, he has taken decisive action against organized crime. His approach has been controversial but popular among many citizens.

Bukele has imprisoned about 1% of the country's population in this effort. This shows that his tough stance on crime has gained support, even as it raises questions about human rights.

Many Salvadorans supported Bukele's actions against crime. They felt that strong measures were needed to make the country safer.However, human rights advocacy groups criticized his approach. They claimed that people were not given fair treatment under the law.

Therefore, these groups reported that many incarcerated individuals faced mistreatment. They also argued that the government was not following proper legal procedures, thereby raising concerns about human rights and justice in El Salvador.

Bukele Envisions El Salvador as a Global Leader in Cryptocurrency

In September 2021, President Bukele made a big decision. He wanted El Salvador to be the first country to accept Bitcoin as legal money.

Since then, he has tried to attract foreign investment. To do this, Bukele introduced Bitcoin Freedom" Visas. These visas allow foreigners to live and work in El Salvador if theyinvest in Bitcoin.

El Salvador offering Visas and citizenship to anyone investing $1million (in USDt or Bitcoin) in the country

Frankly uncompetitive in the global market (can get EU citizenship for less) so disappointing https://t.co/ALydiMAJRj

- Alistair Milne (@alistairmilne) December 7, 2023

Furthermore, Bukele promised to create a special place called Bitcoin City, focusing on BTC and cryptocurrency businesses. Through these initiatives, he aims to bring more money and opportunities to the country.

Bukele was sworn in for a second five-year term as president in June this year. He promised to make El Salvador a world leader" in different industries, including cryptocurrency.

He believes that focusing on crypto can help the country grow and succeed. Hence, his vision is to attract more businesses and investments, making El Salvador a key player on the global stage.

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