A survey conducted by a private university in Central America revealed that, in 2023, the majority of Saladorans (88 percent) did not utilize Bitcoin as a legal form of currency, despite its official status since 2021.
When asked whether they had utilized bitcoin for purchasing or payment in 2023, approximately 85 percent of those surveyed responded negatively, while 3 percent claimed to have never used it, and 12 percent confirmed its usage.
A survey was conducted with a confidence level of 95% and a margin of error of 2.7%. The survey included 1,280 participants chosen randomly. The results revealed that 77.8% of the population believes that their family finances have stayed the same with Bitcoin. Approximately 7% of the participants reported an improvement, 8.4% stated that it has worsened, and 7% did not provide a response.
President Nayib Bukele’s administration took action on September 7, 2021, to make El Salvador the initial nation to officially adopt Bitcoin, the leading global cryptocurrency. This decision allowed Bitcoin to be used as a legal form of currency, alongside the US dollar, which has been accepted as legal tender in the country since 2001.
Bukele aimed to utilize Bitcoin in order to enable the transfer of remittances from foreign countries at a reduced expense, while also assisting the majority of Salvadorans, who are not part of the formal banking system, to gain access to financial services.
The Salvadoran government has announced that it recently purchased 2,381 bitcoins, though the exact investment amount was not revealed. On July 1, 2022, the government made its most recent acquisition of 80 bitcoins.
Bitcoin achieved its highest worth in 22 months on Tuesday, reaching US$47,914 per unit. This surge was triggered by an erroneous announcement falsely ascribed to the US stock exchange authorities (SEC) on the social media platform formerly known as Twitter, stating the approval of bitcoin-based Exchange Traded Funds (ETFs).
On Wednesday, the SEC approved the initial investment fund related to bitcoin, a significant move seen as a crucial milestone for the widespread acceptance of cryptocurrencies.
- TIMES/AFP
