Good progress or bitter failure. The Salvadoran executive has profited from the fall in the price of Bitcoin (BTC) to $19,000 to fill their coffers. However, statistics show that the majority of the population does not necessarily share this government enthusiasm for cryptocurrency.
Bitcoin in El Salvador by the Numbers
Data from the recent study published by Central American University Jose Simeon Canas to salvadorallow us to assess the current opinion of the Salvadorian population regarding Decree No. 57. It gave the legal tender status to Bitcoin in the country on September 7 last year.
Of the 1,269 validated responses, 77.1% of respondents want the government to stop “spending public money to buy Bitcoin”. Has the crypto winter managed to dampen the enthusiasm of a large part of Salvadorans towards cryptocurrency? 95% of respondents said Bitcoin has not had a positive impact on their life. Their condition is remained the same », or to « empire “.
In fact, cryptocurrency has not yet entered the wallets of the majority of the population of El Salvador. 24.4% of respondents indicated that they have used Bitcoin since the government made it legal tender.
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Pro or anti-Bitcoin: a subjective reading
These numbers can be interpreted in different ways, depending on a person’s stance towards Bitcoin. Critics of cryptocurrency will see this as objective reasons, which should motivate the government of El Salvador to reverse its efforts in favor of Bitcoin.
Bitcoin advocates will argue, on the contrary, that these statistics are encouraging. In effect, more than one in five Salvadorans embraced cryptocurrency. A feat in barely just over a year since it became legal tender in the country. This rate should also increase with the return of good weather on the markets.
Beyond the price of Bitcoin which fluctuates according to the phases of a cycle, and which allows El Salvador to record gains or losses – theoretical or real – on its assets, the country can already in reality be considered as a success story of cryptocurrency integration in everyday economic life.
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