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Adoption of BTC as legal tender raises eyebrows in El Salvador, says survey

2 min read

TL;DR Breakdown

  • The adoption of BTC (BTC) as a legal tender in El Salvador was a revolutionary step.
  • President Nayib Bukele introduced mining farms and new exchanges for BTC payments.
  • However, according to a recent study, over three-forth of the country are in doubts.

BTC as legal tender would’ve seemed to be a distant dream, but due to the efforts of El Salvador’s President, Nayib Bukele, the country becomes the world’s first to adopt BTC. This decision has brewed appreciation in the minds of many.

But, according to recent studies, around three-forth of the population of El Salvador is having questions regarding the adoption of BTC (BTC) as legal tender. People are having their doubts regarding the decision made by their President.

More than 50% of people think that BTC as legal tender is a mistake

The survey was done by Disruptiva. Disruptiva, a part of Francisco Gavidia University, conducted this study on around 1,233 citizens of El Salvador. The results didn’t seem to be in favor of their President’s decisions.

According to the results, around 54 percent of people considered adoption of BTC as legal tender a mistake, while 24 percent considered this decision as only half-correct. Oscar Picardo, the head of the organization behind this survey, thinks this transformation involves unaccounted risks.

What do the stats say?

It was also revealed that around half of the surveyed people, or 46 percent to be exact, did not know anything about cryptocurrencies or BTC, and it might be troublesome for most people to believe in such a law.

Also, around 65 percent of citizens of El Salvador thought that conduction of payments using digital currencies as a medium is a bad idea and that they are not open to such a transformation.

But, around 70 percent of El Salvador didn’t have bank accounts, and the adoption of BTC as legal tender might be the thing that they need to be their own bank. The survey includes a minimal number of people, and we still have to see what the future holds for Nayib Bukele’s vision.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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