El Salvadorans are still ambivalent regarding bitcoin’s use and adoption as legal tender. More than half of Salvadorans (62.3%) disapprove of the adoption of bitcoin as legal money, preferring the dollar, according to a new survey done by Francisco Gavidia University’s Center for Citizen Studies and released on May 30.
The study, which included 1,306 interviews across the country, aimed to assess the public’s opinion on Salvadoran President Nayib Bukele’s handling of the country. Only 23.7% of respondents in the country supported bitcoin adoption and the cryptocurrency movement, while slightly more than 11% were sceptical.
According to various analysts, bitcoin adoption is one of the biggest challenges that Bukele has experienced, with many users expressing doubts about taking bitcoin as payment.
What about Bukele’s belief?
El Salvador has also been investing in bitcoin, with Bukele purchasing almost 2,300 BTC since last year’s Bitcoin Law was established. Credit rating organisations such as Moody’s have downgraded the country’s credit rating as a result of the lack of transparency around these transactions, which have only been made public through Bukele’s tweets.
Despite repeatedly advising government officials to renounce bitcoin’s new status as legal tender, the International Monetary Fund (IMF) is assisting the country with bitcoin adoption.
According to the same poll, Salvadorans, on the other hand, continue to hold the president’s image in high regard. Bukele’s leadership of the country received 8.34 out of ten points, indicating that Salvadorans are separating the bitcoin issue from other activities taken up by Bukele in other areas.
Read more: El Salvador loses $40 million over Bitcoin fluctuation: Bloomberg
