Only a tiny fraction of El Salvadorans understand Bitcoin

Skepticism about El Salvador’s planned adoption of Bitcoin as fiat currency continues to grow, and recent research reveals that many have not participated in it.

At least according to recent polls, the overwhelming majority of El Salvadorans do not participate in Bitcoin.The Investigation According to a poll conducted by the Central American University (UCA) Public Opinion Institute, seven in ten citizens of El Salvador were not particularly excited about the upcoming Bitcoin Law.It took place in August and the result is research Performed by Disruptiva in July.

Central American countries have been criticized and endorsed since President Nayib Bukele unveiled plans to adopt Bitcoin as a currency. This move represents an important milestone, but some financial institutions and economists have found it wrong. Bukele, a tech-savvy president, argued that Bitcoin’s “gambling” was positive for the country.

The results of the UCA survey were published within a week of the enactment of the BTC Act. There was opposition to this issue, with some El Salvadorans resisting the streets. On Friday, a group of protesters gathered in San Salvador to oppose the legislation that would come into effect on September 7.

The survey also showed that 20% of El Salvadorans do not trust digital assets. Forty-three percent of the individuals surveyed agreed that El Salvador’s overall economy would deteriorate after adopting crypto assets as its currency. Only 17% of respondents are confident in improving the economy.

Bukele has already announced that adoption will be promoted through a Bitcoin wallet app called “chivo”. Opinion polls show that there is little interest in wallets, so wallet acceptance has never been good. The same applies to BTC’s free $ 30 promised to be airdropped by the government.

The majority of survey participants (65%) claimed they were not interested in the wallet, and only 5.5% responded positively. The perception gap is widening as 9 out of 10 locals have little or no understanding of their wealth. Three-fifths of the participants objected to the use of public funds to promote adoption. The difference was day and night in the question of whether the use of Bitcoin was optional or compulsory. A staggering 96% of those polled had the aspect that previous options for using Bitcoin were voluntary.

The findings appear to be one-sided, but it’s worth noting that only 1,281 people were involved in the poll. As a result, it is not always possible to know exactly what the entire 6.5 million population believes.