A new survey shows the lackluster state of bitcoin adoption in El Salvador, even when President Nayib Bukele’s government has rallied to support it. The “Country’s Path” survey, carried out by the Center for Citizen Studies, Disruptive Magazine, and Francisco Gavidia University, examined the answers of over 1,200 citizens on several relevant topics for the country, including bitcoin.
The poll found that bitcoin usage is now at one of its lowest levels, with only 7.5% declaring they had used bitcoin to make transactions. This number shows a decline compared with last year’s adoption figures, which another national poll put at 12%.
Local analysts criticize the low adoption numbers, highlighting the high levels of resources invested to incentivize the use of the currency since the government declared it a legal tender in 2021. El Salvador even offered a $30 nationwide airdrop for citizens registering their data on Chivo, a bitcoin wallet built by the national government.
In the same way, people reject the proposal of bitcoin as part of the government’s agenda. The poll registered that only 1.3% consider bitcoin should be the main bet for the country’s future. In opposition, improving education and industry are top options for Salvadorans.
In August, President Bukele acknowledged this low level of adoption, stating that bitcoin had served as a rebranding tool for El Salvador, bringing investments and tourism to the country.
Read more: Bukele States Bitcoin Was an Effective Rebranding Tool for El Salvador
However, in a surprising turn of events, this indifference might benefit El Salvador, as the government is seeking to close a financing deal with the International Monetary Fund (IMF) which has called to narrow the scope of the Bitcoin law and strengthen oversight on bitcoin’s usage.
Read more: IMF Urges El Salvador to Tighten Bitcoin Law and Strengthen Oversight
Writers’ take: The low levels of adoption demonstrate that, even with government support, promoting a new currency with a heavy technological component like bitcoin is not easy. Salvadorans are also not as compelled to adopt alternative currencies as Venezuelans or Argentines because the country has been dollarized since 2001, and devaluation levels are not as significant as those in these countries.
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