Problems of bitcoin implementation. El Salvador survey
A survey conducted by the Institute of Public Opinion of the José Simeón Cañas Central American University says that 7 out of 10 residents of El Salvador cannot confirm that their financial level has improved as a result of bitcoin reform.
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Moreover, the respondents believe that the deputies of the legislative assembly should repeal the law legalizing bitcoin as an official means of payment in the country. On the question of whether the use of bitcoin by the public should be mandatory or voluntary, 95.9% of respondents voted in favor of the latter.
When choosing the sentence most relevant to the respondent’s opinion on bitcoin, 71.2% indicated, “I’m interested in using USD exclusively, even if I could use bitcoin.” For 23.1% of Salvadorans, it does not matter what currency to make payments in.
There are no complaints directly against the government of Nayib Bukele: almost 68% of citizens believe that it is doing its job well. However, the purchase of bitcoins on the state balance was named one of the three main mistakes.
The reasons for this not too positive experience lie on the surface. Being in the phase of a strong correction of the cryptocurrency market, today, El Salvador has to fully feel the burden of pioneers in the issue of “mass adoption”.
Another critical factor is the Latin American mentality: the first state bitcoin donations ($30 for each person who installed a special Chivo wallet), according to sociological surveys, were cashed out almost immediately, which may reflect the absence of a long-term investment horizon, typical for successful cryptocurrency holders.
In 2021, President Bukele became a real “icon” for bitcoin maximalists worldwide. However, he has to overcome significant resistance not only from international financial institutions (such as the IMF) but also from compatriots. In the third year of the presidential mandate, the approval rating is 7.64, the worst rating for the whole period.
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