Wednesday, February 1, 2023

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Most people in Salvador don’t accept Bitcoin!

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The Central American country, El Salvador, became the first country to accept Bitcoin as its official currency about a year ago. Although the country’s president, Nayib Bukele, has many policies regarding cryptocurrencies, it seems that the digital currency revolution has not reached the people of Salvador.

Academics from the Central American University have produced a research report on Salvador and Bitcoin. Despite the fact that Bitcoin is the official currency of the country, the responses from the public are very interesting.

The researchers concluded that three-quarters of Salvadorans still do not adopt Bitcoin after a year. Although the majority of respondents do not support Bitcoin, they think that President Bokel should stop buying BTC.

Andrew Olivia, president of the Central American University, summarized the research as follows: “The citizens of El Salvador do not like the government’s crypto policy very much. This is the most critical issue.”

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Why Is Buckel Investing In Bitcoin?

The research in the news is not the first to show that the Salvadoran public is still not embracing crypto. Everyone knows that the citizens of El Salvador do not pay enough attention to the Chivo wallet in particular. However, Chairman Nayib Bukele continues to invest in Bitcoin at full speed.

El Salvador is a country that plays a major role in the flow of money in the region. Remittances account for a quarter of the country’s GDP. President Bockel knows that cryptocurrencies have advantages in this regard. The government’s crypto investments also contribute heavily to the country’s tourism.

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