Salvadorans may like President Nayib Bukele for cleaning up the country’s once disastrous security situation. But at least one policy isn’t sticking: Bitcoin.
That’s according to a new survey from the San Salvador university Francisco Gavidia, which found only 7.5% of people interviewed said they use the cryptocurrency to make transactions, while 92% admitted they didn’t.
El Salvador made Bitcoin legal tender in the country in 2021, the idea of its millennial leader—and prolific tweeter—Bukele. Businesses are legally obligated to accept the cryptocurrency if they have the technological means to do so.
President Bukele has also gone on Bitcoin-buying sprees but has been criticized by U.S. politicians and the likes of the International Monetary Fund for doing so.
The survey from the Francisco Gavidia University added that only 1.3% of people said they thought Bitcoin should be the country’s main bet on the future.
President Bukele has tried to woo foreign investment with his bet on Bitcoin, promising visas and even a volcano-powered Bitcoin City.
Some 58% of those surveyed said they thought the country was headed in the right direction, and were overwhelmingly supportive of President Bukele. The survey spoke to 1,224 Salvadorans aged 18 and on everything from the economy to security.
In an August interview with TIME, President Bukele said fewer Salvadorans than expected were using the cryptocurrency. “Bitcoin hasn’t had the widespread adoption we hoped for,” he was quoted saying.
Tiny El Salvador was once the most murderous country in the Americas but President Bukele launched a crackdown on the criminal gangs and authorities locked up close to 2% of the population.
The strategy has been praised by citizens in the Central American nation but criticized by some human rights groups that have alleged ill-treatment of prisoners and indiscriminate raids.
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Source: https://decrypt.co/286463/salvadorans-like-bukele-but-arent-using-bitcoin-survey-says
