A large section of Salvadorans said the bitcoin law promoted by their president Nayib Bukele did not help them “at all” despite being approved less than a year ago.
A survey “Jose Simón Caas” conducted by the Institute of Public Opinion of the Central American University found that 71% of 1270 Salvadorans interviewed said that the bitcoin law did not bring them any financial benefits.
Furthermore, according to the survey, 12.8% of Salvadorans said that bitcoin legislation brought some economic benefit to their families, contrary to what people on social media speculate.
Only 6.1% reported that bitcoin had led to significant gains.
Table 113 of the survey conducted by Universidad José Simeon Caas.
Is the bitcoin law a failure?
According to this recent poll, more than half of Salvadorans believe that President Nayd Bukele has not suffered any major failures during this third official year; However, 3.9% of those surveyed see the bitcoin law and its investments as one of the government’s biggest failures.
This dissatisfaction may have to do with the recession experienced by the crypto market, precisely months after the president’s use of public funds to invest in bitcoin, spending millions of dollars in crypto instead of focusing on other investments in the country. Given the economic priority of
On top of this, the government continues to buy bitcoin and go into more debt despite the currency’s depreciation since November last year, fueling discontent among those who view cryptocurrencies as scams or a tool for money laundering.
El Salvador’s Efforts to Increase BTC Adoption Have Failed
20% of those surveyed said their economic situation had improved due to government financial aid, with the $30 given in bitcoin being taken as an incentive for those who installed Chivo Wallet on their cell phones. .
As reported by Cryptopotato, another survey conducted by The National Bureau of Economic Research (NBER) in February showed that only 20% of those who spent a $30 bonus did so, despite incentives offered by the government. Chivo continued to use the wallet, such as in payment for reduction gasoline.
“While the majority of citizens in El Salvador have a cell phone with internet, less than 60% of them downloaded Chivo Wallet, and 20% continued to use the app after spending their $30 sign-up bonus. Furthermore, 5% of citizens pay taxes with bitcoin, and despite its legal tender status, only 20% of companies—mostly large companies—accept bitcoin.
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