A Majority of 54% of Salvadorans are Unfamiliar with Bitcoin; Survey Brings to Light

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A couple of weeks ago, El Salvador hit the headlines and grabbed world media attention. The President of the nation declared Bitcoin (BTC) as legal tender. While this implementation has garnered mixed reactions from the people of El Salvador, the International Monetary Fund has been vocal in expressing skepticism. 

A majority of 54% of Salvadorans are unfamiliar with Bitcoin; survey brings to light

While the Central American nation is getting used to the new digital currency, research agencies are quick to study the pulse of the nation’s people. In the backdrop of the developments unfolding, research was conducted by the São Paulo-based agency Sherlock Communications. The results of the research study are both shocking and unbelievable. It has come to light that a majority of 54% of Salvadoran respondents who participated in the respective research selected the option which read ‘none.’ The subjects were asked to choose the cryptocurrency that they know about the best. As options, as many as five leading coins were listed. Financial experts echo the sentiments that the nation’s government could have done its research on the ground before implementing this move. 

A majority of Salvadorans do not want Bitcoin

Yet another study brings the harsh truth to the surface. A poll shows that most Salvadorans are against the digital currency of Bitcoin and do not want it to be implemented. A significant chunk of the population is against using this form of currency and is not happy with the decision of the government to make it a legal tender. Most Salvadorans admit that they are unaware of using this form of currency and do not trust the project. A research poll that was carried out by Central American University (UCA) was brought to light. 

Poll results bring to light people of the nation disagree with Bitcoin as a legal tender

A poll by UCA, a Jesuit university in El Salvador, brought to light that about 67.9% of 1,281 respondents who participated in the survey expressed that they either disagree or strongly disagree with the usage of Bitcoin as a legal tender. Furthermore, a minority of 32% of subjects stated that they agree on some level regarding its usage. This respective research study was carried out when the government was completing all the necessary formalities to give cryptocurrency the status of a legal tender in El Salvador. President of El Salvador Nayib Bukele announced this move in June. 

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