El Salvador was the first country to legalize bitcoin (BTC) on its territory. The country made the flagship cryptocurrency its official currency in September 2021. But today there are signs of protest against El Salvador’s new official currency. For example, in San Salvador, the capital, there is a wall painted with the crossed out Bitcoin symbol. It turns out that few Salvadorans have used the flagship crypto since the start of 2022. Find out why.
Legalizing bitcoin (BTC) in El Salvador: a total failure?
The Jesuit University of Central America (UCA) recently made a survey on the adoption of bitcoin in El Salvador since its legalization. The survey revealed that the majority of the population of El Salvador considers this legalization to be a real ” failure“. Many Salvadorans believe that making bitcoin legal tender was a mistake. It must be said that President Nayib Bukele’s decision to legalize the flagship crypto was very controversial at the time.
The poll noted that 7 in 10 Salvadorans believe lawmakers should repeal the law that makes BTC legal tender. The survey specifies that 9 out of 10 Salvadorans did not know much about bitcoin (BTC) before its legalization. In addition, respondents gave President Nayib Bukele an average rating of 7.64. This is the lowest rating the president has received since taking over as head of government in El Salvador.
Taxpayers want the president to stop acquiring BTC
In September 2021, when BTC became legal tender in El Salvador, it was trading around $45,000. Two months after, the crypto shot up to $68,000. But, after several phases of falling, it currently costs around $19,000. In July, President Bukele took advantage of a downturn to increase his country’s total bitcoin reserve.
The president then had bought 80 BTC using public funds, which brought El Salvador’s reserve to 2,381 units. Precisely, the UCA study revealed that 77% of Salvadorans want their president to stop spending public money to buy bitcoin (BTC).
77% of respondents in the recent UCA survey believe that the legalization of bitcoin (BTC) in El Salvador has been a” failure “. According to them, President Bukele should not have made crypto legal tender, alongside the dollar.
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