El Salvador was the first country to legalize bitcoin (BTC) on its territory. The country made the main cryptocurrency its official currency in September 2021. But today there are signs of protest against the new official currency of El Salvador. For example, in San Salvador, the capital, there is a wall painted with the Bitcoin symbol crossed out. It turns out that some Salvadorans have been using the crypto flagship since the beginning of 2022. Find out why.
Legalization of bitcoin (BTC) in El Salvador: a complete failure?
The Jesuit University of Central America (UCA) recently conducted a survey on bitcoin adoption in El Salvador since its legalization. The survey showed that the majority of the population of El Salvador considers this to be a real legalization ” failure“. Many Salvadorans believe that making bitcoin a legal tender was a mistake. It must be said that President Nayib Bukele’s decision to legitimize the crypto flagship was very controversial at the time.
The poll noticed that 7 out of 10 Salvadorans believe that lawmakers should repeal the law that makes BTC legal tender. The survey states that 9 out of 10 Salvadorans did not know much about bitcoin (BTC) before its legalization. In addition, respondents gave President Nayib Bukele an average rating of 7.64. This is the lowest rating the president has received since he assumed the head of government in El Salvador.
Taxpayers want the president to stop receiving BTC
In September 2021, when BTC became a legal tender in El Salvador, it was trading around $45,000. Two months later, the crypto increased up to $68,000. But, after several stages of decline, it currently costs around $19,000. In July, President Bukele took advantage of the downturn to increase his country’s total bitcoin reserve.
The president was there bought 80 BTC using public funds, which brought El Salvador’s reserve to 2,381 units. Precisely, the UCA study showed that 77% of Salvadorans want their president to stop spending public money to buy bitcoin (BTC).
77% of respondents in the recent UCA survey believe that bitcoin (BTC) has been legalized in El Salvador“failure”. According to them, President Bukele should not have made a legal bid for crypto, alongside the dollar.
Get a summary of the news in the world of cryptocurrencies by subscribing to our new service daily and weekly so you don’t miss any of the essential Cointribune!
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass my pen knowledge related to this ecosystem.
