Large numbers of Salvadorans believe that the Bitcoin Law, which was approved by Nayib Bukel less than one year ago, did not help them.
The Institute of Public Opinion of Central American University Joseph Simeon Canas conducted a survey and found that 71% of the 1270 Salvadorans surveyed said the Bitcoin Law didn’t bring them any financial benefits.
The survey also revealed that 12.8% of Salvadorans believed the Bitcoin Law had not brought any economic benefits to their families. This is in stark contrast to what many speculate on social media.
Only 6.1% of respondents reported that they had experienced significant benefits from Bitcoin.
img alt=”Table 113 of the Survey” class=”wp-image-195027 size-full” height=”295″ sizes=”(max-width: 320px) 100vw, 320px” src=”https://cryptopotato.com/wp-content/uploads/2022/06/1-1.png” srcset=”https://cryptopotato.com/wp-content/uploads/2022/06/1-1.png 320w, https://cryptopotato.com/wp-content/uploads/2022/06/1-1-300×277.png 300w, https://cryptopotato.com/wp-content/uploads/2022/06/1-1-50×46.png 50w” width=”320″/>
Table 113 from the Survey. Source: Public Opinion from the Central American University, “Jose Simeon Canas”.
Table 113 from the survey by Universidad Jose Simeon Canas.
Is the Bitcoin Law a failure?
This survey shows that more than half of Salvadorans believe President Nayid Buke has not experienced major failures in the third governmental year. However, 3.9% see the Bitcoin Law, and its investments, as the Government’s greatest failure.
Source: Public Opinion from the Central American University, “Jose Simeon Canas”.
This could be due to the dip in the crypto market in the months after the president used public money to invest Bitcoin. Instead of investing in other investments that were considered priority in light of the country’s economic condition, he spent millions of dollars on crypto.
The Government continues to buy Bitcoin, and is taking on more debt, despite cryptocurrency being on a declining trend since November 2013. This has caused discontent among people who view cryptocurrencies as a tool for money laundering or scams.
El Salvador’s efforts to increase BTC adoption have failed
20% of respondents said their economic situation had improved due to the government’s financial assistance. This includes the $30 in Bitcoin that was given as incentive to those who have installed the Chivo wallet onto their phones.
According to Cryptopotato, a survey by The National Bureau of Economic Research in February revealed that only 20% of people who received the $30 bonus continued using the Chivo Wallet despite incentives such as the reduction of gasoline prices.
“While El Salvadorans have a majority of the internet-enabled phones, less than 60% downloaded Chivo Wallet and 20% continued using it after they had spent their $30 sign up bonus. Additionally, 5% have paid taxes using bitcoin. Only 20% of large firms accept bitcoin despite it being legal tender.
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