Bitcoin adoption is growing every day – On September 7, 2021, the Bitcoin law made the banks bend to salvadorwhich must now accept the king of cryptos as legal tender currency. Less than 9 months later, a large proportion of the population – close to quarter ! – is already convinced that Bitcoin is a better currency than the dollar. However, the latter has been promoted for decades by the Americans as the only reserve currency of the world.
When “Bad” Numbers for Bitcoin Look Great in Hindsight
With constant and repeated threats supranational bodies, such as the IMFit was not easy to make become Bitcoin a national currency in El Salvador. However, the president Nayib Bukele succeeded in this tour de force, which would have been considered unthinkable at the start of 2021.
As the illustrative image of his article clearly shows, Disruptiva is a opposition media to the Bukele government. Whether out of sincere dislike for Bitcoinor by simple principle of opposition, the media is happy to be able to say that “only 2 out of 10 people support” the Bitcoin Law in El Salvador.
Now let’s take a closer look at the exact numbers of this surveymade with 1,306 Salvadorans, by the Center for Citizen Studies of Francisco Gavidia University. President Bukele gets a approval score of 8.34 out of 10 (83.4%) in this same survey.
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Dollar: a half-century hegemony cannot be erased in 8 months
Already, here is precisely the question which was asked to the people surveyed, and whose wording and answers contrast Bitcoin and the US dollar (the 2 legal currencies of El Salvador):
“One of the main policies of President Bukele has been the adoption of Bitcoin as legal tender, do you agree with this decision? »
As can be seen from the results below, 23.7% approve the arrival of Bitcoin as a national currency. About 14% hesitate or do not decide, and 62.3% still prefer the US dollar.
Now let’s take a little back on these numbers. First of all, you should know that El Salvador came out of decades of hyperinflation of its former fiduciary national currency (the colón) in 2001. The country then turned to the US dollar. It was thus a question of finding a bearable inflation (although linked to a foreign power).
Between this national reason, and the fact that the US President Nixon forced the world to accept the dollar as a reserve currency fiduciary (by breaking its fixed convertibility togold in 1971), we can understand that even 9 monthsthe dollar still remains at a 62% approval rating.
Next, let’s remember that Bitcoin has only existed since 2009and that the vast majority of the world only discovered this name (without really knowing more) in 2013even 2017. That is to say at the time of the previous higher Bitcoin prices (before that of 2021).
With these elements, is it so negative to see that already almost a quarter El Salvadorians Approve Bitcoin? We should also mention that the Central American country was the very first in the world to attempt this crypto-adventure. The Central African Republic in turn adopting a Bitcoin Law at the end of April 2022, followed suit.
Which country will be the next to adopt Bitcoin as legal tender? In the meantime, begin to familiarize yourself with this exciting world, and create your account on Binance nowthe leading Bitcoin and crypto exchange (affiliate link).