December 5, 2022

77.1% Of People In El Salvador Do Not Support Government Using Public Funds For Crypto

Just recently, a highly reputed university in El Salvador published its study about what people think about the government spending public money on Bitcoin.

According to the study carried out by the El Salvador-based University, 77.1% of the public does not support the government’s decision of spending public money.

Study Data Published by the ES University

According to the report shared published, 77.1% of the locals in El Salvador are not happy with the government allocating resources to Bitcoin adoption.

They literally want the Salvadoran government to stop what they are doing. They pointed out that the government is allocating public money for the development and expansion of Bitcoin (BTC).

The study further reveals that 24.4% of respondents have confirmed that they have interacted with Bitcoin. They have used BTC for payments ever since the government of El Salvador adopted it as a legal tender.

It was in the third quarter of 2021 when El Salvador adopted Bitcoin as a legal tender.

Survey Details

The survey was conducted by a Central American University, which operates as a nonprofit educational faculty. The survey was conducted among the locals in El Salvador.

The survey was carried out to get the opinions of the locals complying with Legislative Decree No. 57. It was in September 2021 when the government of El Salvador inducted Bitcoin as a legal tender.

These surveys took place in the month of September 2022 among 1,269 respondents considered valid. Around 2.75% of the total surveys had errors so they have been canceled.

How Bitcoin has Impacted Life in ES

It has been established from the survey that despite being adopted as a legal tender, Bitcoin has not become interlinked with the economy.

The majority of the respondents claimed that they have seen no changes in their lives or lifestyle due to Bitcoin. Other respondents claimed that their lives have gotten even worse after the acceptance of Bitcoin.

Nayib Bukele Wants Bitcoin to Blossom

The biggest supporter of Bitcoin in El Salvador is none other than the president of El Salvador, Nayib Bukele. He has been a strong supporter of Bitcoin and he is the very reason BTC was accepted as a legal tender in the first place.

He has demonstrated great determination in bringing in foreign investment and promoting tourism that would be attracted by their adoption of Bitcoin.

Bukele is also interested to launch a new city, calling it the “Bitcoin City”. He claims that the nominal taxes in the country would be set to 0%.

He has stated that the investment they make for the development of the city would be from Bitcoin, which would be worth up to $1 billion.