Bitcoin Usage in El Salvador Remains Low According to New Survey
A recent survey has revealed that only 7.5% of El Salvador’s citizens use Bitcoin (BTC) for transactions. Conducted by the Francisco Gavidia University (UFG) in late September, the study surveyed 1,224 Salvadorans aged 18 and older, with the majority of respondents aged between 18 and 29.
Low Adoption of Bitcoin in El Salvador
The survey highlights that an overwhelming 92% of respondents do not use Bitcoin for any form of transactions. Meanwhile, 0.5% of participants either did not understand the question or were unsure. Most respondents, over 71%, lived in urban areas, and a significant portion were employed full-time.
When asked about the country’s future priorities, only 1.3% of respondents identified Bitcoin as a focus. The majority felt that education and industrial promotion should be the key areas of focus for the nation.
Bukele’s Approval Remains High Despite Bitcoin’s Low Adoption
Despite the low adoption rate of Bitcoin, President Nayib Bukele, who has been a prominent advocate for the cryptocurrency, continues to enjoy widespread support. On a scale of 0 to 10 (with 10 being excellent), respondents rated Bukele’s performance as president at an average of 8.43.
The survey also showed positive feedback regarding the government, with Bukele’s administration scoring 7.49 and the National Assembly receiving a 6.94 rating. Additionally, about 80% of respondents expressed a neutral or positive outlook on the country’s financial future, suggesting optimism about El Salvador’s progress.
Bitcoin Adoption in El Salvador Declining Over Time
Spanish-language media outlet Criptonoticias noted that the current Bitcoin adoption rate in El Salvador has hovered around 20% in recent years. A similar study published in January 2024 by the Central American University José Simeón Cañas (UCA) reported a BTC usage rate of over 10%. However, this marked a sharp decline compared to surveys from 2022 and 2021, which indicated over 20% adoption of Bitcoin.
The media outlet further noted, “There is little expectation that interest in Bitcoin will increase in the near future.” This comes despite Bukele’s initial hope for a higher adoption rate after introducing the law that made Bitcoin legal tender in September 2021.
IMF's View on Bitcoin in El Salvador
Interestingly, El Salvador’s relatively low Bitcoin adoption rate may have helped ease concerns at the International Monetary Fund (IMF). Once highly skeptical of El Salvador’s decision to adopt Bitcoin, the IMF has recently stated that it no longer sees significant “financial risks” associated with the cryptocurrency in the Central American nation.
Conclusion
The survey results underscore the challenge El Salvador faces in boosting Bitcoin adoption among its citizens. While President Bukele continues to enjoy strong approval, the majority of Salvadorans remain indifferent to Bitcoin, focusing more on education and industry for the country’s future. The slow adoption of BTC has also helped alleviate concerns from international financial institutions like the IMF.
