A study by the Central American University José Simeón Cañas has revealed that only 12% of Salvadorans used Bitcoin in 2023 in commerce, down from 24.4% in 2022. The 45-page survey also revealed that almost a third of the Salvadoran population felt that the country’s general economy had improved in 2023.
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Weak support for Bitcoin in El Salvador
El Salvador is undoubtedly pioneering the legalization of Bitcoin as an official currency. However, the adoption of Bitcoin by its people stands in stark contrast to El Salvador’s crypto-friendly reputation. While the holding rate of Bitcoin in El Salvador is estimated at 1.72%, a new report highlights the failure of Salvadorans to appropriate Bitcoin.
Indeed, an annual study of the José Simeón Cañas Central American University revealed that 12% of Salvadorans used Bitcoin to pay for a good or service in 2023. The majority of Bitcoin (BTC) purchases are made at grocery stores (22.9%), supermarkets (20.9%) and veterinary clinics (15%).
This rate of use of Bitcoin in commerce is down by almost half on the previous year. This is because a study from the same university suggested that 24.4% of Salvadorans used Bitcoin to make a purchase in 2022.
Salvadorans still skeptical of Bitcoin
The survey by Central American University José Simeón Cañas also reveals Salvadorans’ distrust of Bitcoin. It’s true that more than a third of those surveyed (34.3%) believe that the country’s economic situation has improved in 2023. However, Salvadorans believe that this progress is the result of lower crime (24.3%), not Bitcoin (0.5%).
El Salvador is a long-time Bitcoin hodler and begins the benefits. Its president Nayib Bukele is a Bitcoin connoisseur and one of the world’s of its main advocates. However, the vast majority of Salvadorans seem to keep their distance from the queen of cryptocurrencies. A Bitcoin education campaign aimed at the local population is needed to stimulate adoption in line with El Salvador’s reputation as a Bitcoin nation.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.