A recent study done by Jose Simeon Canas Central America University in El Salvador found that 77.1% of respondents want the Salvadoran government “to stop spending public money on Bitcoin.”
Furthermore, only 24.4% said they have used Bitcoin to pay for goods and services since last year’s recognition by the government of Bitcoin’s legal tender status.
Survey results were conducted by Central American University, a privately-owned, but non-profit university, to get local Salvadoran residents’ opinions on Legislative Decree No. 57 of these accepted Bitcoin as legal tender in El Salvador, on September 7, 2021. There were 1,269 valid interviews collected in September 2022. The reported margin of error was 2.75% based on a 95% confidence interval.
While there wasn’t a direct causal relationship between Bitcoin adoption and the country’s economic situation 95% of respondents to the survey said their lives have “remained the same” or “[have] got worse” since Bitcoin became legal.
Nayib Bukele, the country’s president is well-known for his Bitcoin campaign, which aimed to attract foreign investment and tourism. Bukele suggested last year the creation of a Bitcoin City with nominal tax rates set at 0% and construction funded by a $1B Bitcoin “Volcano Bond”.
A politician and blockchain personality, the politician is also well-known for promoting repeated purchases of BTC in conjunction with the country’s budget.
According to the Nayib Bukele portfolio tracker, the Salvadoran government has spent more than $107 million on Bitcoin.
The investments, which are worth $45.7 million, still have dollar-cost averaging. This is despite this year’s bear markets. It is important to note that the portfolio tracker tracks only public announcements, and that reported profit and losses may not be accurate without having access to complete trading records.