Survey: Most Salvadorans Still Prefer Dollars To Bitcoin As Legal Tender

A survey conducted has found that more than half of the Salvadorans surveyed still prefer the dollar over bitcoin as legal tender

Most Salvadorans Still Prefer Dollars To Bitcoin As Legal Tender
Most Salvadorans Still Prefer Dollars To Bitcoin As Legal Tender

According to a recent poll performed by the Center for Citizen Studies at Francisco Gavidia University, a private university in El Salvador, more than half of Salvadorans still prefer the dollar to bitcoin as legal cash.

Bitcoin, which was promoted by Salvadoran President Nayib Bukele, has gotten a mixed response from the public eight months after it was approved as legal cash.

El Salvador’s citizens are still undecided about the use and adoption of bitcoin as legal cash.

Results of the survey

More than half of Salvadorans (62.3 percent) disapprove of the adoption of bitcoin as legal money, preferring the dollar, according to a new survey done by the Francisco Gavidia University’s Center for Citizen Studies.

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 percent of respondents supported bitcoin adoption and the cryptocurrency movement in the country, while slightly more than 11% had reservations about either.

According to several analysts, one of the most serious issues that Bukele has faced is bitcoin acceptance, with many users expressing reservations about accepting bitcoin as payment. Doris Ponce, a 43-year-old juice vendor, recently told Politico that:

People don’t want that money yet. Maybe when the dollar disappears.

Bitcoin Acceptance In El Salvador

El Salvador has been investing in bitcoin as well, with Bukele purchasing over 2,300 BTC since the Bitcoin Law was passed last year.

However, these investments have backfired, with credit rating agencies such as Moody’s downgrading the country’s credit rating due to the lack of transparency surrounding these transactions, which have been made public only through Bukele’s tweets.

The International Monetary Fund (IMF) is assisting the country with bitcoin adoption, despite the fact that the agency has repeatedly advised government authorities to abandon bitcoin’s new status as legal cash.

Salvadorans, on the other hand, continue to hold the president’s image in high favor, according to the same poll.

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 by Bukele in other areas.