In September 2021, the government of El Salvador and its president Nayib Bukele, who is known for being an enthusiastic crypto proponent, made the news after introducing Bitcoin as a legal tender in the Central American country. However, according to a new survey conducted by the José Simeón Cañas Central American University, citizens of El Salvador aren’t exactly thrilled about this move.
Out of all respondents, only 24.4% have actually used Bitcoin to pay for products or services. And 95% of them haven’t noticed any positive changes in the quality of their lives since Bitcoin was introduced as a legal tender. According to the president’s portfolio tracker, the government of El Salvador has so far invested more than $107 million in purchasing Bitcoin. However, 77.1% of polled El Salvador residents believe that the government should stop using public money for this purpose.
For his part, Bukele sees cryptocurrency, among other things, as a way to attract tourists and foreign investors. Still, we most likely won’t be seeing the Bitcoin City project, proposed by Bukele in 2021 as a tax-free crypto haven.