12% of El Salvador’s local population used bitcoins at least once in 2024 to pay for goods and services. Authorities have a favourable view of Bitcoin’s strategy for the state’s development.
These results were shown by the José Simeón Cañas Central American University, which conducted its annual survey. The survey was conducted in December and involved 1,280 respondents. At the same time, in 2023, 24.4% of the population made purchases with bitcoins. Thus. It is worth noting a downward trend in its use.
Among those surveyed in December 2024, almost half (49.7%) made transactions in bitcoins one to three times, while 20% used it 10 or more times. Bitcoins were mostly spent on groceries (22.9%) and supermarkets (20.9%). In third place were veterinary clinics (15%).
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For this replenishment of the account, cryptocurrency transfers are increasingly used. This is especially active in El Salvador, whose citizens use bitcoins less often than bank cards or e-wallets. All this is another proof of the popularity of the course chosen by the government.
The survey also revealed that the perception of Bitcoin’s influence as a legal tender has changed. In 2024, 6.8% of respondents said their family’s life had improved over the past year because bitcoin had been legalized, a 3.8% increase from 2023.
Meanwhile, more than a third (34.3%) indicated that the overall economic situation has gotten better. This was primarily due to a decrease in crime (24.3%). Only 0.5% attributed bitcoin to economic improvement.
Despite the government’s efforts to spread bitcoin, 95% of respondents said their lives have “stayed the same” or “[gotten] worse” since Bitcoin became legal tender.
Only some people approved of the substantial initial cost of adoption. But it’s worth noting that the benefits grew as more people adopted the technology. One of the barriers to adoption was business resistance.
The primary cryptocurrency users in El Salvador are wealthy people with bank accounts. Thus, cryptocurrencies do not serve the interests of the low-income population as they were supposed to.
The fact that Bitcoin is not confidential in the country also served as an essential argument against it: law enforcement agencies use various means to track, monitor, and potentially detain Bitcoin users.
And for all these negative factors, the Salvadoran government continues to step up efforts to increase investment in cryptocurrency in the country.
In December 2023, it was reported that they had proposed a new citizenship-for-investment initiative. Under this process, individuals who are willing to invest a million dollars in Bitcoin or Tether in the country will be granted citizenship and residency.
Bitcoin in El Salvador: In a historic move, El Salvador became the first country to adopt Bitcoin as legal tender in September 2021; this decision aimed to foster financial inclusion within the country and leverage technology for economic growth.