A recent poll completed by the Public Opinion University Institute, part of the Simeon Canas Centroamerican University, has found that El Salvador is still not attracted by the idea of bitcoin as legal tender. The poll results indicate that almost two-thirds of the population has a negative impression of bitcoin, with only a quarter of Salvadorans having used the cryptocurrency.

El Salvador Still Cold on Bitcoin Adoption

While El Salvador made bitcoin legal tender last year, being the first country in the world to do so, Salvadorans are still not completely sold on the idea of introducing bitcoin as part of their economies. A recent poll presented by the Public Opinion University Institute, part of the Jose Simeon Canas Centroamerican University, has found that most of the citizens of the country reject bitcoin as part of the politics of the government of El Salvador’s president, Nayib Bukele.

The poll interviewed more than 1,260 individuals personally, having direct contact with the citizens that agreed to take part in the study. 61.3% of the polled have a negative opinion about bitcoin, giving it a score of less than five points on a ten-point scale. The poll also registered a low level of adoption amongst locals, with less than a quarter of the polled having used bitcoin even once.

Bitcoin as Part of Salvadoran Public Spending

While Salvadoran politicians have stated that the amount invested in purchasing bitcoin is not a significant part of the national budget, citizens have shown they reject the politics associated with the handling of these resources. 77.1% stated the government must not continue to use public funds to purchase bitcoin.

The rejection of the integration of bitcoin as legal tender is also high, with 65.5% believing that this action has constituted a failure of the government.

However, the government has remarked on the importance of bitcoin adoption as an instrument capable of helping in the recovery of other industries in the country. In August, President Nayib Bukele stated that bitcoin, alongside crime reduction and surf, was responsible for the speedy recovery of the tourism industry.

Bukele still has immense acceptance, with a recent Gallup poll giving a reading of 87% approval. This has prompted a possible run for the next presidential election, even when experts claim the Salvadoran constitution has articles that forbid a hypothetical reelection.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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