Things are not going as expected in El Salvador, the Central American country that broke new ground by accepting Bitcoin as legal currency.
El Salvadorans Couldn't Get Used to Bitcoin!
A recent survey by Francisco Gavidia University in El Salvador revealed that citizens have yet to accept Bitcoin as legal tender and are not yet used to its adoption.
Zita found that only 7.5% of survey respondents said they used Bitcoin for transactions, while 92% of respondents said they did not make transactions using BTC.
In addition, participants were asked some questions on politics and the economy. Approximately 60 percent of those surveyed said the country was on the right track and strongly supported President Nayib Bukele.
Only 1.3% of those surveyed believe Bitcoin should be the main focus for the country's future, while the vast majority said education and industry should be the primary focus.
The latest survey results show a decline in Bitcoin usage in the country, as 88% of citizens said they would not use Bitcoin for their transactions in 2023, according to a previous survey by the Central American University Public Opinion Institute.
El Salvadoran president Nayib Bukele was sworn in for a second five-year presidential term last June, vowing to make the country a “world leader” in various sectors, including Bitcoin.
*This is not investment advice.