Survey shows: Bitcoin usage accounts for only 7.5%

El Salvador’s President Nayib Bukele pushed for Bitcoin to become the country’s legal tender in 2021, becoming the first country in the world to adopt the cryptocurrency as legal tender. However, the latest surveys show that this policy does not enjoy broad public support. According to a survey report released on October 10 by Francisco Gavidia University in El Salvador, only 7.5% of respondents said they used Bitcoin for transactions, and 92% admitted that they did not use Bitcoin. Another 0.5% of respondents chose not to answer the question.

Source: Francisco Gavidia Only 7.5% of the people in El Salvador are willing to use Bitcoin

The survey, which interviewed 1,224 Salvadoran citizens aged 18 and over, was designed to gauge public opinion on political and economic issues. The results show that Bitcoin usage is not only low, but also trending downward. Previously, a survey by the Public Opinion Institute of the University of Central America in El Salvador found that 88% of Salvadorans did not use Bitcoin for transactions in 2023.

In addition, only 1.3% of the respondents believed that Bitcoin should become the "main bet" for the country's future, and the majority said that education and industry should be the country's key development industries.

President Bugle’s policies and public support

Despite the chill on Bitcoin policy, President Bugele’s support remains high. The survey showed that about 60% of respondents believed that the country was moving in the right direction and expressed strong support for President Bugele. Bugle has adopted a tough policing policy since taking office in June 2019, launching a controversial but popular crackdown on organized crime gangs and jailing about 1% of the country's population.

Source: Francisco Gavidia About 60% of respondents are optimistic about El Salvador’s future

Bugele's policing operations have won broad public support but have also been criticized by human rights groups, which accuse him of a lack of due process in law enforcement and widespread abuse of detainees. However, many Salvadorans believe that Bugle's tough tactics have improved the country's security situation and reduced crime rates.

In an interview with (Time) magazine, Bugle admitted that Bitcoin usage is lower than expected. “Bitcoin has not reached the level of widespread adoption that we had hoped for,” he said. However, he continued to promote Bitcoin-related policies, including providing Bitcoin “freedom” visas for foreign investors and pledging to develop “Bitcoin City".

Bitcoin policy challenges and future prospects

El Salvador’s decision to adopt Bitcoin as legal tender has attracted attention and criticism from the International Monetary Fund (IMF) and US politicians. They worry that Bitcoin’s volatility and uncertainty could pose risks to the country’s economic stability. Furthermore, despite governments forcing merchants to accept Bitcoin if they have the technical skills to do so, actual usage remains low.

Experts analyze that Salvadorans’ low acceptance of Bitcoin may be related to insufficient understanding of cryptocurrency, imperfect infrastructure, and reliance on traditional currencies. Despite this, Bugele still adheres to his vision of Bitcoin, trying to attract foreign capital and promote economic development.

Bugle was sworn in for a second five-year presidential term in June this year, promising to make El Salvador a "world leader" in various industries, including the cryptocurrency industry. It remains to be seen whether El Salvador can achieve a breakthrough in Bitcoin policy in the future. But what is certain is that President Bugele’s efforts in public security and economic reforms have won the support of the majority of the people.

Further reading
Thoughts on the legalization of Bitcoin in El Salvador! Driver: Rely on it to start a successful business and find financial freedom
Stick to investing in BTC! El Salvador receives 1.6 billion magnesium investment, will "Bitcoin City" finally start construction?
The 3rd anniversary of the national currency speculation in El Salvador! How is the man who firmly holds Bitcoin doing now?

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