54% of Salvadorans are unfamiliar with Bitcoin, a survey shows

El Salvador made headlines around the world when its president introduced Bitcoin (BTC) as legal tender – a move that sparked opposition from many citizens and met the skepticism of the International Monetary Fund. A new poll shows that despite these developments, most El Salvadorans still know very little about the seasoned cryptocurrency and even less about their smaller market cap counterparts.

Research by the São Paulo-based agency Sherlock Communications shows that 54% of Salvadoran respondents select “none” when asked which cryptocurrency they know best on a list of the top 5 coins. 

While 40% voted Bitcoin over other listed cryptocurrencies – Ether (ETH), Bitcoin, Dogecoin (DOGE), and EOS – the survey did not attempt to examine the extent or depth of these respondents’ knowledge of the coin. In correspondence with Cointelegraph, Patrick O’Neill, Director of Sherlock Communications commented:

“The data we collected from El Salvador showed us very clearly that there is a very high level of confusion regarding cryptocurrencies, which surprisingly seems to be the case depending on the circumstances.”

Responses to other survey questions support this picture, with 46% of respondents choosing “no” when asked, “What would make you confident about investing in crypto?” 18% responded that proper regulation would help them make the leap and a similar number (16%) said having access to more trustworthy and user-friendly platforms would make a difference.

When asked whether a local economic downturn would make them more or less trusting cryptocurrencies, 35% answered “less likely” and 28% said a financial downturn would make them “less likely” to move into the asset class invest. 24% have the opposite view, saying that the economic downturn has made them more interested in cryptocurrencies. Again, more respondents – 41% – say the poor economic environment will have no impact on their relationship with cryptocurrencies.

Rather than being outright hostile or enthusiastic, a majority of respondents – 42% – say it is not a good or bad idea to have Bitcoin legal tender. Of the other respondents, a total of 31% see more or less negative and 29% more or less positive.

Related: El Salvador Takes Action Against Bitcoin Price Drop, Buying 150 BTC

Neutrality or indifference is re-emphasized in the answer to the question about the state of cryptocurrencies in the country now and in the future. 32% had no opinion on this topic, whereby the next highest response rate was identified with the answer “This is a topic without a future”.

In a recent report on public opposition to the government’s new Bitcoin law, a resident told reporters, “We don’t know any currency. We don’t know where it came from. We don’t know if it will bring us profit or loss. We don’t know anything. “