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71% of Salvadorans Did Not Benefit From the Bitcoin Law, Survey Says

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Most Salvadorans have said that the bitcoin law being promoted by their president, Naib Bukele, hasn’t helped them “at all” despite being approved less than a year ago.

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A survey conducted by the Institute of Public Opinion of the José Simeon Cañas University of Central America found that 71% of the 1,270 Salvadorans surveyed said that the bitcoin law did not bring them any financial benefit.

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In addition, according to interview12.8% of Salvadorans said the bitcoin law brought few economic benefits to their families, in contrast to what people speculate on social media.

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Only 6.1% reported that they have received significant benefits from bitcoin.

Table 113 of the Review. Source: Central American University Public Opinion.

Table 113 of a survey conducted by the José Simeon Cañas University.


Is the bitcoin law a failure?

According to this recent poll, more than half of Salvadorans believe that President Nayid Bukele had no major setbacks during this third year in office; however, 3.9% of those surveyed consider the bitcoin law and its investments to be one of the government’s biggest failures.

Source: Central American University Public Opinion.
Source: Central American University Public Opinion.

This dissatisfaction may be related to the downturn experienced by the cryptocurrency market, precisely within months of the president using public money to invest in bitcoin, spending millions of dollars on crypto instead of focusing on other investments that are considered a priority given economic situation in the country. situation.

On top of that, the government continues to buy bitcoins and go into debt despite the fact that the currency has been on a downward trend since last November, which is causing discontent among those who see cryptocurrencies as a tool for fraud or money laundering.

El Salvador’s Efforts To Increase BTC Adoption Have Failed

20% of those surveyed said that their economic situation has improved due to government financial assistance, taking into account the $30 provided in bitcoin as an incentive to those who install the Chivo wallet on their mobile phones.

As Cryptopotato reports, another survey conducted in February by the National Bureau of Economic Research (NBER) found that only 20% of those who spent the $30 bonus continued to use the Chivo wallet, despite incentives offered by the government such as reduction in petrol bills.

“While the majority of El Salvadorans have a mobile phone with internet access, less than 60% of them have downloaded Chivo Wallet and 20% have continued to use the app after spending their $30 signup bonus. In addition, 5% of citizens pay their taxes in bitcoin, and despite its status as legal tender, only 20% of firms, mostly large ones, accept bitcoin.”

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