While El Salvador became the first country to adopt bitcoin as legal tender in 2021, the queen of cryptocurrencies remains very little used by its citizens.

Bitcoin has not yet taken hold in the country. According to a survey conducted by the Francisco Gavidia University of San Salvador, entitled "Do people have faith", and published in early October, 92% of El Salvador residents say they do not use bitcoin "to make transactions". According to the survey, 7.5% of residents responded "that they use bitcoin to make transactions".

Francisco Gavidia University surveyed a sample of 1,224 people between September 25 and 30 (with a margin of error of 2.8%) on a multitude of different topics. When asked, "What should be the next bet for the future in the country?", 52.4% wanted better education, 26.5% better industry, 7.9% better services and 7.8% more tourism. Only 1.3% answered "Bitcoin". Instead of becoming popular as an attractive financial alternative, bitcoin seems to face continued resistance from the country's inhabitants.

A lack of knowledge

Several factors can explain this phenomenon. First, the volatility of Bitcoin. Unlike the US dollar, whose exchange rate is also legal in El Salvador, the short-term fluctuation of the value of Bitcoin remains a brake on the mass adoption of the cryptocurrency in the country. This characteristic has aroused the distrust of Salvadorans, who prefer a more stable currency for their daily transactions.

The lack of financial education related to bitcoin also plays a significant role. Many people in the country do not have access to the technology or knowledge needed to use cryptocurrencies. “The perception that Bitcoin is a complex and risky tool reinforces resistance to its adoption,” the survey explains.

But for his part, Nayib Bukele, president of El Salvador since 2019 and largely re-elected last February, continues to believe in bitcoin. El Salvador became the first country to adopt bitcoin as legal tender on September 7, 2021. Since then, the Central American country has accumulated 5,904 bitcoins (about a little over 365 million euros at the current rate), according to the official website of the "Bitcoin Office", the National Bitcoin Office that takes care of cryptocurrency in the country.