Published on October 18, 2024
By: Karin Interfector
A San Salvador Francisco Gavidia University (UFG) survey found that just 7.5% of respondents—about 92 people—use Bitcoin for transactions in El Salvador. The study, “Rumbo país 2024: la gente tiene fe”, was conducted last September with 1,224 participants, mostly aged 18 to 29.
In the survey, 92% of respondents said they don’t use Bitcoin for financial transactions, with 71% living in urban areas and working full-time. Meanwhile, 0.5% said they ‘didn’t understand’ the question about Bitcoin.
In response to the question, “What direction should the country take for the future?” just 1.3% mentioned Bitcoin. In contrast, the overwhelming majority indicated that leaders should focus on education or support for domestic industries.
Although crypto adoption rates may seem low, President Nayib Bukele —the driving force behind Bitcoin’s recognition as legal tender in El Salvador—performed well in the survey. Participants rated his administration on a scale of 0 to 10, giving it an average score of 8.43.
Most respondents expressed optimism about El Salvador’s future, with 80% indicating they feel neutral or positive about the country’s financial situation.
The study “Rumbo país 2024: la gente tiene fe” points to a possible decline in Bitcoin usage in El Salvador. An earlier survey from January showed that over 10% of the Salvadoran population had used Bitcoin in 2023. This previous study was conducted by the University Institute of Public Opinion (Iudop) at the Central American University José Simeón Cañas (UCA).
“We have never forced anyone to adopt Bitcoin. We presented it as an option, and those who chose to use it have reaped the benefits of its rise. While I did expect greater adoption, we take pride in being a free country—free in every sense.
Those who saved in Bitcoin have been able to profit from its price increases since the project was approved. Thank God for that. It’s great that people have those earnings. Those who decided not to use it missed out on those gains”.
–Nayib Bukele, President of El Salvador.
Further news:
- PayPal Expands Its Crypto Offering: New Features for Merchants in the U. S.
- More Than 60 New Bitcoin Addresses Holding 1,000 to 10,000 BTC Emerged in 2024.
- Uruguay Passes New Law to Regulate the Crypto Industry.
- Worldcoin Grows in Mexico While Facing Sanctions in Argentina and Global Scrutiny.
- Argentina is now the biggest player in the crypto market in Latin America.
- Switzerland, Dubai, and South Korea: The Best Places for Crypto Business in 2024, According to Social Capital Markets.
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