Only a tiny fraction of Salvadorans understand Bitcoin

Skepticism about the adoption of Bitcoin as a legal currency in El Salvador continues to grow, with a recent survey revealing that many people do not agree with the plan.

An overwhelming majority of Salvadorans do not support Bitcoin, at least according to a recent survey. The survey conducted by the University of Central America (UCA) Public Opinion Institute revealed that 7 out of 10 Salvadoran citizens are not particularly excited about the upcoming Bitcoin law. The survey took place in August, and its results echo those of research conducted by Disruptiva in July.

The Central American country has been the subject of criticism and support since President Nayib Bukele revealed his intention to adopt Bitcoin as a currency. While the move represents a significant step, several financial institutions and economists have criticized it. The tech-savvy President Bukele claimed that the Bitcoin “gamble” would be positive for the country.

The results of the UCA survey come less than a week before BTC legislation is to be passed. The issue has sparked some opposition, with some Salvadorans taking the resistance to the streets. On Friday, a group of protesters gathered in San Salvador to oppose the proposed law, which is set to take effect on September 7.

The survey also showed that 20 percent of Salvadorans do not trust digital assets. Of those surveyed, 43% agree that El Salvador’s overall economy would deteriorate after the crypto asset is adopted as a currency. Only 17% of respondents are confident that the economy will improve.

Bukele has already announced that adoption would be facilitated by a Bitcoin wallet app called “chivo.” The reception for this wallet is far from good, as the survey results reveal that there is little interest in it. The same goes for the $30 worth of BTC that the government promised to give away for free.

A majority (65%) of survey participants said they were not interested in the wallet, and only 5.5% responded positively. There are also significant awareness gaps, with 9 out of 10 residents having little or no knowledge of the asset. Three-fifths of participants questioned the use of public funds to facilitate adoption. The difference was night and day on whether Bitcoin use should be optional or mandatory. A whopping 96% of those surveyed favored the first option, voluntary use of Bitcoin.

While the results seem to lean one way, it’s worth noting that the survey only involved 1,281 people. It is therefore not necessarily representative ofof the general population (6.5 million people).