BTC Has Been Used By 14% Of Salvadoran Enterprises.

According to a new poll by the Salvadoran Chamber of Commerce, businesses in El Salvador have been hesitant to accept Bitcoin (BTC) after the government publicly approved the digital currency as legal tender in September 2021.

Only 14% of the 337 businesses questioned between Jan. 15 and Feb. 9 stated they have transacted in BTC since the Bitcoin Law went into force. Over 90% of the firms said Bitcoin adoption in the nation had no effect on their revenues.

71% of the organizations surveyed were classed as micro or small businesses, 13% as medium-sized enterprises, and 16% as major corporations.

While the low acceptance rate may look unimpressive on the surface, El Salvador has been using the US currency since 2001. El Salvador’s major means of exchange, unlike the currencies of other emerging nations, is not subject to exchange-rate volatility. Despite this, over a five-month period, more than one-tenth of all firms in the nation reported using BTC

Salvadoran President Nayib Bukele has prioritized Bitcoin in his economic growth agenda, despite warnings from agencies like as the International Monetary Fund and Moody’s Investors Service against embracing the flagship cryptocurrency. Moody’s analyst Jaime Reusche warned in January that Bukele’s Bitcoin gamble might jeopardize his country’s sovereign credit outlook.

Nonetheless, El Salvador is advancing its crypto strategy by selling $1 billion in Bitcoin bonds. The revenues of the sale, known as Volcano Bonds, will be used to construct Bitcoin City, a fully operational city that would mine the digital commodity using geothermal energy.

Bukele has been invited to speak at the forthcoming Bitcoin 2022 conference, where he promises a “huge surprise.”

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