Only 7.5% of respondents in El Salvador have used cryptocurrency for transactions, President Bukele admits Bitcoin is still not widely adopted.

Since Nayib Bukele took office as the President of El Salvador, the country has been vigorously promoting cryptocurrency. This includes adopting Bitcoin as legal tender starting in 2021 and purchasing one Bitcoin daily starting in 2022. However, despite Nayib Bukele's high approval ratings in the country, it seems that the use of Bitcoin among the population has not been as widespread. Surveys show that only 7.5% of the population in the country have used cryptocurrency for transactions. Nayib Bukele has also admitted: "Bitcoin has not yet achieved the widespread adoption that we hoped for."

Support at 87% - Can it Get Any Higher? The Bitcoin Dream of a Popular President

Nayib Bukele enjoys high popularity in the country. Despite the country's constitution prohibiting presidential re-election, he was re-elected with 87% of the vote at the beginning of the year. El Salvador used to have the highest crime rates in Central America, but Nayib Bukele has taken a tough stance against crime. According to a report, 2% of the country's population is in prison. Other reasons for his popularity include improvements in infrastructure, a positive political image, defending national sovereignty, and economic reforms.

His economic reform policies mainly revolve around cryptocurrency, including adopting Bitcoin as legal tender, issuing volcano bonds, daily DCA of one Bitcoin, and establishing a national mining industry.

However, such economic policies have also raised concerns from the International Monetary Fund (IMF) multiple times, suggesting that the country should reduce its Bitcoin exposure.

The IMF reiterates that El Salvador should strengthen Bitcoin regulation and reduce cryptocurrency exposure.

Only 7.5% of Respondents Use Cryptocurrency, with Only 1.3% Bullish on Bitcoin in the Long Term

According to a survey conducted by the Francisco Gavidia University among 1,224 Salvadorans aged 18 and above, about 58% of respondents believe that the country is moving in the right direction, with the vast majority supporting Nayib Bukele.

However, it was found that only 7.5% of respondents stated that they use cryptocurrency for transactions, while 92% do not use cryptocurrency. From this, it can be observed that despite Nayib Bukele's high support rate, the key factor may not necessarily be cryptocurrency. Otherwise, why are there not many people using it in actual applications? Additionally, the survey also pointed out that only 1.3% of respondents believe that Bitcoin should be the country's main bet for the future.

Although the sample size is limited, this report may have poured cold water on Nayib Bukele's Bitcoin dream, despite him being a winner in terms of profits. In an interview with Time magazine in August, Nayib Bukele mentioned that the number of Salvadorans using cryptocurrency is lower than expected, stating, "Bitcoin has not yet achieved the widespread adoption we hoped for."