- Only 7.5% of Salvadorans use Bitcoin for transactions, highlighting limited adoption despite its status as legal tender since 2021.
- President Bukele aims for financial independence by 2025 through a self-financed budget, reducing El Salvador’s reliance on foreign debt.
Francisco Gavidia University in El Salvador has performed a survey that shows a notable discrepancy between the nation’s aspirational acceptance of Bitcoin as legal tender and actual usage of the crypto among its people.
Only 7.5% of respondents claimed using Bitcoin for daily transactions, despite the government’s attempt to present it as a main component of El Salvador’s financial system. This statistic shows that although Bitcoin has been legal money since 2021, its actual acceptance among the general public is still somewhat low.
On the other hand, a significant 92% of the respondents said they prefer conventional ways of payment and acknowledge they do not use Bitcoin for transactions.
Public Opinion Favors Education and Industry Over Bitcoin DevelopmentÂ
Involving 1,224 people, the poll also clarifies public opinion on the future course of the nation. Especially, just 1.3% of the respondents think that the main emphasis of El Salvador should be Bitcoin’s development.
Rather, most cited as the areas of preferred investment were issues like raising standards of education and supporting industrial growth. This suggests that even if Bitcoin is attracting worldwide attention, many Salvadorans view alternative paths as more important for the long-term development of their nation.
Fascinatingly, the poll results reveal that President Nayib Bukele still maintains great public support even with the lukewarm attitude toward Bitcoin. About sixty percent of the participants said they were happy with the way the nation is headed under his management.
This implies that even if many object to the focus on Bitcoin, they still support Bukele’s more general goal, including several sociopolitical reforms.
IMF Urges Stronger Regulation Amid Bukele VisionÂ
Domestically as well as outside, President Bukele’s advocacy of Bitcoin has not been without controversy. Particularly his choice to declare Bitcoin legal tender has drawn criticism from international agencies such as the IMF, which has earlier voiced worries about the dangers connected with the use of cryptocurrency in a national economy.
To better control the possible financial risks, as we previously reported, the IMF has advised El Salvador to strengthen its regulatory structure for digital assets. The focus has been on building a stronger framework that might control the volatility of digital currencies and better fit worldwide financial criteria.
Furthermore, President Bukele has set high targets for El Salvador’s financial future in line with his more general economic agenda. By 2025, he intends to have the nation free of foreign debt. With a self-financed budget, he hopes to realize his vision of financial independence—a goal key to which he is driven.
Though the future of Bitcoin in this vision is yet unknown, the strategy to move away from outside borrowing indicates the intention of his government to change the economic scene of El Salvador.
Furthermore, as we previously highlighted, Bukele has been outspoken about his aim to get the country free from foreign debt by 2025. His idea for a self-sustaining budget helps one move toward financial independence and less dependency on outside debtors.
