Study: Most Salvadorans Still Prefer Dollars To Bitcoin
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Answer Study: Most Salvadorans Still Prefer Dollars To Bitcoin
A recent study unveiled by the Center for Citizen Studies at the University of Francisco Gavidia in El Salvador highlighted that more than half of Salvadorans still prefer the dollar to bitcoin as legal tender, and 62.3% disapprove of bitcoin as legal tender.
The study was conducted and its data was collected by conducting 1,306 interviews across the country.
The study aims to assess Salvadorans’ perceptions of how President Najib Bukele will lead the country.
Just over 11% of respondents had doubts and uncertainties about the use of bitcoin in the country.
The issue of bitcoin adoption has been one of the biggest challenges Bokele faces, as many people are suspicious and uncomfortable with the idea of receiving bitcoin as a payment in exchange for the US dollar.
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Conversely, El Salvador has invested heavily in Bitcoin.
In fact, the Bukele government has acquired more than 2,000 Bitcoin since the law was passed last year.
However, these investments were not good for the country, as agencies such as Moody’s downgraded the country’s credit rating due to the lack of transparency surrounding these purchases, as there were no public announcements about them except for President Bukele’s tweets.
Bitcoin and El Salvador’s bet on it:
In 2021, Bitcoin adoption among individuals and institutions is booming.
In September last year, El Salvador became the most prominent country to accept bitcoin as legal tender.
In addition to adopting cryptocurrencies, the Central American country has started accumulating bitcoin for future gains.
El Salvador’s bet on Bitcoin has turned negative for its economy.
In fact, El Salvador has spent over $100 million on bitcoin purchases since September 2021.
With the price of Bitcoin dropping 40%, the country is starting to feel the heat of the recent market correction.
In addition, in the middle of next June, Iran’s foreign debts amounting to 38.25 million dollars will be paid, meaning that El Salvador also suffers from high debts that it has to pay.
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