Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin adoption falls to critical low in El Salvador

Bitcoin adoption falls to critical low in El Salvador

GrafaGrafa2024/10/18 01:00
By:Isaac Francis

A recent survey reveals that Bitcoin (CRYPTO:BTC) usage in El Salvador has dropped significantly, with fewer than 10% of citizens using the cryptocurrency for transactions. 

Despite President Nayib Bukele’s push for Bitcoin since its adoption as legal tender in 2021, only 7.5% of respondents in the “Country’s Path” survey, conducted by the Center for Citizen Studies, Disruptive Magazine, and Francisco Gavidia University, reported using Bitcoin. 

This marks a decrease from last year’s 12% usage rate. 

Local analysts criticise the low adoption, especially given the significant resources invested by the government to promote Bitcoin use, including a $30 nationwide airdrop through the Chivo wallet to incentivize citizens. 

However, Bitcoin remains an unpopular choice, with only 1.3% of respondents considering it a key part of the country’s future. 

In contrast, improving education and industry were identified as top priorities by most Salvadorans. 

Despite the decline, President Bukele acknowledged in August that Bitcoin has functioned as a rebranding tool for El Salvador, helping attract investments and tourism. 

He stated, “Bitcoin has served its purpose as a marketing strategy for the country, even if its everyday use remains limited.” 

Interestingly, the decline in Bitcoin usage could work in El Salvador’s favor as the government pursues a financing deal with the International Monetary Fund (IMF). 

The IMF has recommended narrowing the scope of the Bitcoin Law and improving oversight of its use, suggesting that reduced bitcoin reliance might align with broader economic goals. 

According to analysts, while Bitcoin adoption remains minimal, the focus may shift to strengthening traditional sectors of the economy, a sentiment echoed by Salvadorans who prioritize education and industry improvements over cryptocurrency adoption.

At the time of writing, the Bitcoin (BTC) price was $67,278.51.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!