A new survey conducted by a university in the Bitcoin bull country, El Salvador, showed that a large fraction of the population is not in favour of Bitcoin adoption and use.
El Salvador became a Bitcoin bull country in 2021. Under the presidency of Nayib Bukele, El Salvador adopted Bitcoin as a legal currency. With multiple achievements, the country’s president showed the world that adopting Bitcoin was a good decision and confirmed that his administration will always remain supportive of Bitcoin (BTC).
Recently, a Bitcoin survey was conducted by the University of Francisco Gavidia in San Salvador, which found that only 7.5% of the people interviewed said they use cryptocurrency for transactions, while 92% admitted they didn’t.
The survey found that only 7.5% of the interviewed people use cryptocurrencies for transactions, while 92% do not. Just 1.3% think Bitcoin should be the focus of the country’s future. However, 58% strongly support the current president. El Salvador adopted Bitcoin as legal tender in 2021.
A survey by a university in El Salvador showed that only 7.5% of respondents said they used cryptocurrencies for transactions, while 92% admitted that they did not. Only 1.3% of respondents believed that Bitcoin should be the main bet for the country's future. But 58% of…
— Wu Blockchain (@WuBlockchain) October 16, 2024
In particular, only 1.3% of respondents said they thought Bitcoin should be the country’s main focus in the future. This finding proves that while most people in El Salvador strongly support President Bukele, they are not ready to fully back the Bitcoin adoption decision.
Many experts said that we should not find this survey result regarding Bitcoin adoption strange, as the country’s president, Bukele, already admitted that fewer Salvadorans were using the cryptocurrency than expected.
It has also been observed that, from time to time, the International Monetary Fund (IMF) has asked the El Salvador government to limit its Bitcoin adoption strategies, but Bukele has consistently ignored such requests.
IMF is not happy with #Bitcoin bull country El Salvador.IMF official says “What we have recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting public sector exposure to bitcoin”
— Bitcoinik (@Bitcoinikdotcom) October 5, 2024
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