Is Bitcoin Failing to Gain Traction in El Salvador?

A recent survey in El Salvador reveals limited use of Bitcoin among El Salvadorans.

The survey, conducted by the Francisco Gavidia University (UFG) last September, found that only 7.5% of participants use the leading cryptocurrency for transactions. The survey involved 1,224 respondents, mostly aged 18 to 29.

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92% of respondents reported that they do not include BTC in their daily lives, and 0.5% were unsure or did not understand the question. When asked about national priorities, only 1.3% mentioned BTC, with the majority highlighting education and industrial development as more important sectors.

Despite the low uptake of the cryptocurrency, President Bukele continues to enjoy strong support from the public. In the poll, he received a performance rating of 8.43 out of 10, while the government as a whole received an average score of 7.49. In addition, about 80% of respondents expressed a positive or neutral opinion regarding the current economic situation.

A previous survey published in January by the Central American University (UCA) “José Simeón Cáñas” had already reported a decline in the adoption of Bitcoin, reporting a rate of use of 12%. In an interview with Time, President Buechele reiterated his hopes for higher adoption rates when he accepted Bitcoin in September 2021.

Kosta Gushterov