Reports

The majority of Salvadorans believe the government should ‘stop spending public money’ on Bitcoin

77.1% of the survey respondents want the Salvadoran government to stop investing in Bitcoin

bitcoin el salvador

Source: pexels.com

A recent study published by José Simeón Cañas Central American University in El Salvador revealed a public stance on the approval of Bitcoin as a legal tender. While less than 40% of respondents supported the government’s decision initially, now 77.1% of respondents say that they want the Salvadoran government to stop “spending public money on Bitcoin.”

Less than a quarter of respondents used Bitcoin (BTC) as a means of payment since the country’s government recognized it as a legal tender. Besides, it appears that BTC adoption didn’t improve the overall economic situation in the country. At least, 95% of survey respondents say their lives “stayed the same” or “[have] gotten worse” since Bitcoin became legal tender. 

The country’s president, Nayib Bukele explained his Bitcoin campaign as an effort to attract tourism and foreign investment. The Salvadoran government has spent over $107 million buying Bitcoin up to date. Today, the investments are worth only $45.7 million amidst the bear market.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.