Finance

Only 7.5% of Salvadorans Use Bitcoin for Transactions

A recent survey has revealed that a mere 7.5% of Salvadorans are utilizing Bitcoin for transactions. The survey, which included responses from 1,224 individuals, sheds light on the country's adoption of cryptocurrency since Bitcoin was declared legal tender in El Salvador in September 2021.

While the government, led by President Nayib Bukele, made a historic move by becoming the first country to embrace Bitcoin as an official currency, the reality on the ground appears different. Many citizens still rely on the traditional U.S. dollar for daily transactions, despite the government's efforts to promote cryptocurrency use.

Surprisingly, the survey also highlighted that just over 1% of respondents believe the future of the country is closely tied to Bitcoin, reflecting a general lack of enthusiasm for the digital currency.

Yet, despite the slow adoption of Bitcoin for transactions, President Nayib Bukele's approval rating remains strong, suggesting that the population still supports his leadership, even if they aren't fully on board with his cryptocurrency policies.

This article goes on to discuss the broader implications of Bitcoin adoption in El Salvador, examining why the public has been slow to embrace the digital currency, the government's efforts to increase its use, and what the future may hold for cryptocurrency in the country.

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