Bitcoin

El Salvador’s Bitcoin Adoption Far Lower Than Expected, Survey Shows – A Blunder For Bukele?

Since El Salvador adopted bitcoin as legal tender, crypto analysts have expressed skepticism about its acceptance and influence on the traditional finance sector, citing concerns that the cryptocurrency might wreak havoc on the country’s frail economy.

El Salvador’s Bitcoin

President Nayib Bukele of El Salvador is a technoid millennial who has long advocated for increasing acceptance of digital currency.

However, it appears as though this decision was primarily a blunder, since the country’s move to adopt cryptocurrency as legal tender is already backfiring.

Majority Of Salvadoran Businesses Don’t Use Bitcoin

According to a new poll conducted by El Salvador’s chamber of commerce, the majority of the country’s businesses do not use Bitcoin – an astonishing finding given Bukele’s efforts to promote Bitcoin usage.

The survey shows that only 14% of respondents have used BTC in transactions since September, when the cryptocurrency became legal tender in El Salvador.

Additionally, the poll reveals that a sizable proportion of respondents have not observed any impact on their sales as a result of adoption.

Bukele made a huge promise to his constituents when he originally introduced the Bitcoin law in June of last year.

El Salvador’s Bitcoin Adoption Far Lower Than Expected, Survey Shows

Bitcoin Imagined As An Economic Savior

Adopting Bitcoin, he explained, would digitize the economy, reduce reliance on the US dollar, decrease transfer costs — which currently account for about a quarter of the central American country’s gross domestic product (GDP), and stimulate investment.

El Salvador could become the first country to demonstrate cryptocurrency’s transformational capacity on a national scale.

The country’s finance officials endorsed a report in January this year that at least 4 million users — nearly the entire country’s population — had been authenticated as real users of the government’s digital wallet over the previous several weeks.

The Figures Say It All

However, a poll issued this month by the country’s Chamber of Commerce revealed that 85% of enterprises surveyed had never executed a Bitcoin transaction.

While the majority of businesses in the study were small enterprises, accounting for 70% of respondents, 15% were large businesses, and 13% were medium-sized organizations.

What this poll demonstrates is that, despite the government’s numerous efforts to promote the crypto’s acceptance, the level of adoption remains very low.

Despite the low adoption rate, Bukele remains bullish on the coin, with the country now holding approximately 1,800 units.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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