'Dear, Government: No More Bitcoin!' Crypto Was A Failure In This Nation, Survey Says

Most people in El Salvador are not fans of Bitcoin BTC/USD.

According to a survey conducted by José Simeón Caas Central American University in El Salvador, about 77.1% of respondents consider Bitcoin adoption 14 months ago as legal tender, alongside the dollar, "to have been a failure."

Since the country recognized Bitcoin as a legal tender last year, barely 24.45% of the citizens have used the world’s largest digital currency by market capitalization, as a form of payment.

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The study was conducted between Sept. 9-27. It included 1,269 in-person interviews. Citizens were questioned about their views on Legislative Decree No. 57, which officially recognized Bitcoin as legal cash in El Salvador on Sept. 7, 2021.

Some 95% of poll participants said their life "stayed the same" or "grew worse" after Bitcoin became legal money, despite the fact that there was no clear causal link between the acceptance of Bitcoin and the nation's economic condition.

Bukele: A Huge Fan

El Salvador president Nayib Bukele is well-known for his use of Bitcoin to promote international investments in the country and attract tourists.

Bukele suggested the creation of a "Bitcoin City" last year, with construction being paid for by a $1 billion Bitcoin "Volcano Bond" and nominal tax rates set at 0%.

The lawmaker and blockchain figure is renowned for disclosing his frequent use of government funds to buy Bitcoin.

Also Read: Bitcoin-Loving El Salvador President Nayib Bukele Running For Reelection: Here's How The Crypto Performed Since Becoming Legal Tender In The Country

According to the Nayib Bukele Portfolio Tracker, the Salvadoran government has purchased Bitcoin for more than $107 million thus far.

Nevertheless, amid a bear market this year, the assets are only today worth $45.7 million after dollar-cost averaging.

Notably, the portfolio tracker only monitors public statements and without access to the government's full trade records, the claimed profit and loss may not be entirely accurate.

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