Bitcoin Beach El Salvador.
A recent survey conducted by the Francisco Gavidia University (UFG) revealed that 92% of Salvadorans do not use Bitcoin for their daily transactions. Only 7.5% reported using the cryptocurrency, while 0.5% chose not to respond.
This survey results indicate that most Salvadorans have yet to adopt Bitcoin, prompting important questions about the effectiveness of the government’s initiatives.
The UFG First Rumbo País 2024 Survey named “People have faith” showed the low number of people using Bitcoin, even though it has been legal tender in their country since 2021, and the government has invested millions in its adoption.
The UFG survey results reflect a rise in skepticism compared to 2023 when 88% of respondents in a similar poll by the University Institute of Public Opinion (IUDOP) reported not using Bitcoin.
In a 2024 survey by the University Institute of Public Opinion (IUDOP) assessing Bukele’s fifth year in office, 66.6% of respondents said that Bitcoin had not provided any financial benefit to them. Only 4.9% responded that Bitcoin had helped a lot with their family economy.
Bitcoin Remittances to El Salvador Fall in 2024
Despite strong support from the Bukele administration, the adoption of cryptocurrency, particularly Bitcoin, for remittances has not gained momentum as Salvadorans remain reluctant to use it.
According to data provided by the Salvadoran Central Reserve Bank (BCR), from January to August 2024, remittances to the country received through cryptocurrency wallets represented only 1.05% of total remittances.
Furthermore, as of August 2024, cryptocurrency wallet remittances to El Salvador have decreased by 3.51% compared to the same period in 2023.
SEE ALSO: Crypto Wallet Remittances to El Salvador
These findings underscore a growing reluctance from Salvadorans to embrace Bitcoin despite the government’s efforts to increase its accessibility.
The Francisco Gavidia University study reveals that most Salvadorans prefer traditional currency for daily transactions. Additionally, the drop in crypto wallet remittances from 2023 to 2024 indicates further that Salvadorans are not embracing Bitcoin.
