Recent surveys by the Center for Citizen Studies of the Francisco Gavidia University in El Salvador found that over half of Salvadorans still prefer the legal tender of the dollar to bitcoin. The majority of the people have not responded positively to Bitcoin eight months after legal tender was approved by Nayib Bukele, Salvadoran president.
Salvadorans Uncertain About Bitcoin As A Tender
El Salvadorians are still unsure about whether bitcoin can be used and adopted as legal tender. According to a new study by the Center for Citizen Studies of Francisco Gavidia University, more than half of Salvadorans (62.3%) disagree with bitcoin’s legalization.
The survey involved 1,306 interviews across the country, and sought to evaluate the people’s perception of the management of the nation by Salvadoran president Nayib Bukele. This survey also revealed that 23.7% support bitcoin adoption in Nigeria and that cryptocurrency is being used in their country. However, 11% of the respondents were skeptical.
Experts believe that the Bitcoin adoption problem has been the most significant issue Bukele has faced. People are often skeptical about accepting bitcoin payments. Doris Ponce, a 43 year-old juice seller, stated earlier in the month to Politico that:
People don’t want that money yet. Perhaps when the dollar vanishes.
Bitcoin and Bukele
El Salvador also invests in Bitcoin. Bukele has purchased over 2,300 BTC from the Bitcoin Law last year. However, these investments have not turned out well for the country, with agencies like Moody’s reducing the credit score of the country due to the lack of transparency of these purchases, as there have been no public announcements about them other than Bukele’s tweets.
The International Monetary Fund (IMF) is working with the country, providing technical help in matters regarding bitcoin adoption, even when the organization has repeatedly told government officials to drop bitcoin’s new status as legal tender.
The same survey found that Salvadorans continue to view President Bukele’s image in a very positive way. Bukele’s management of the country got 8.34 points out of 10, showing that Salvadorans separate the bitcoin issue from other actions that Bukele is taking in other matters.
How do you feel about the recent survey on bitcoin adoption in El Salvador Comment below.
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