According to a new survey, Bitcoin has a hard time as a means of payment in El Salvador. Because: most citizens of the country reject BTC.
The majority distrusts Bitcoin
Next week, on September 7, El Salvador’s now famous Bitcoin law comes into force. From this day on, Bitcoin officially becomes a means of payment in the country. And while President Nayib Bukele touts the move as forward-looking and important, the broad population of the Central American country has a completely different opinion on Bitcoin. This is the result of a survey by the Jesuit University in El Salvador, as reported by Reuters. The result draws for Bitcoin no positive outlook.
Indeed, according to the survey, the majority of Salvadorans do not agree at all with the government’s adoption of Bitcoin (BTC) as a means of payment. Moreover, many citizens even want the legislation to be reversed. Numerous participants in the survey also express concern that they would not even know how to use Bitcoin (to buy from eToro or Libertex). Many also distrust cryptocurrencies. Is there a Bitcoin debacle looming in El Salvador?
In numbers: According to the survey, 67.9% of the 1,281 respondents oppose or even strongly oppose the use of Bitcoin as legal tender. Only slightly more than 32% of respondents agree “to some extent”. 9 out of 10 people say they don’t have a clear understanding of Bitcoin, and 8 out of 10 say they have little or no confidence in its use.
7 out of 10 citizens want to undo the law
If it goes to the citizens of the country, the law could be reversed: 7 out of 10 people think that the Bitcoin law should be repealed. Andreu Oliva, Dean of the University, comments:
“In addition to the widespread rejection of the introduction of Bitcoin as a legal tender, this survey shows for the first time that the population does not agree with the decisions of the Legislative Assembly and the president.“
In addition, there are “a lot of concerns” about the potential negative impact of using Bitcoin, Oliva said. For example, most Salvadorans assume that Bitcoin will not benefit ordinary citizens – but mainly the rich, the government, the economy and foreign investors.
Protest against the Bitcoin law continues
The survey is not the first indication that Bitcoin may be having a hard time with the country’s residents. Last week, there were massive street protests and a class action is underway against the country. And: already in the summer, an investigation by the University Francisco Gavidia (UFG) found that more than 75% of all Salvadorans consider the Bitcoin law “not very smart”.
Whether this is just growing pains or the fear of something new remains to be seen.