Majority of People in El Salvador are Not Familiar with Bitcoin, Survey Reveals

Since July of 2021, El Salvador (ES) has been in the headlines for being involved with Bitcoin (BTC). It was at the beginning of July when the ES Parliament voted in favor of legalizing the utility of Bitcoin in the country. Since then, a lot of progress has been made in terms of the adoption of Bitcoin in the country.

Starting from July of 2021 until the end of August 2021, the government of ES installed over 200 ATMs for Bitcoin all over the country. It was the ES President Bukele who was overseeing the progress in the adoption of Bitcoin.

Bukele was really hopeful about the adoption of Bitcoin and the cryptocurrency earning the “legal tender” status in the country. Therefore, the law was fully implemented on September 7, 2021, and now, Bitcoin is part of the government’s mandate.

However, it has started looking like the government of ES has imposed Bitcoin over the people of the country. This is because the majority of the people in ES do not like the idea of adopting Bitcoin. As a result, many protests were recorded all over the country, where one incident even led to one of the Bitcoin ATMs getting burnt.

Ever since ES passed the law around Bitcoin, legalizing the cryptocurrency in the process, regulators from other countries have also shared their concerns over the matter.

Several surveys have been conducted so far to find out exactly what the people of El Salvador think about Bitcoin being adopted as a legal tender. This is the reason why the country has found itself in the crypto-headlines and the situation is now becoming obvious. Even the International Monetary Fund (IMF) has expressed its concerns and skepticism over Bitcoin being given legal tender.

Just recently, it was Sherlock Communications, a research firm based in Sao Paulo that reportedly conducted a survey, gaining information on citizens from ES around Bitcoin adoption.

The survey was conducted in order to find out how much the people in ES know about cryptocurrencies and which cryptocurrencies they prefer. According to the survey, 54% of the people in ES do not have any idea about cryptocurrencies, let alone know of Bitcoin.

This outcome is based on the particular question in the survey where El Salvadorians were asked which crypto they thought was better than others. It was a multiple-choice question where 5 choices were for different coins and the 6th choice was “none”.

On the other hand, only 40% of respondents revealed that they would go with investing in Bitcoin as compared to other cryptocurrencies on the list. The other cryptocurrencies in the list were EOS, DOGE, ETH, and LTC.