By Scott Galbraith
According to a recent survey by the University of Central America (UCA), nearly 77% of Salvadorans who participated in the survey think accepting Bitcoin as a legal tender 13 months ago was a mistake.
However, close to 76% of the citizens still support President Nayib Bukele, a crypto and Bitcoin advocate. The citizens love him for the many reforms he has started and for waging war on local drug cartels.
Salvadorans Not Ready To Stop Showing Support
Although a small country in the Latin American region, El Salvador became popular in the news last year after the government declared that Bitcoin would become a legal tender. The announcement caused massive disputes in the whole crypto industry, with some praising the development.
However, others believed it would yield little economic benefits for the government or its people. Earlier this week, the UCA conducted a general survey to discover what the citizens of El Salvador think about making Bitcoin a legal tender.
Many survey participants (77%) revealed that making Bitcoin a legal form of money in the country was a failure. Meanwhile, nearly 76% stated that they are not using any crypto in 2022.
Reacting to the survey results, the UCA’s Rector, Andreu Oliva, admitted that the government’s move to adopt Bitcoin as a legal form of money was the “most unpopular decision, the most criticized, and the most frowned upon.”
The negative response from many El Salvador citizens could be because Bitcoin (BTC), with other digital assets, has lost a considerable amount of its value since the beginning of this year. Bitcoin was at the $45,000 price level when the El Salvador government accepted it as a form of legal tender, and it even rose to $70,000 in November 2021.
However, Bitcoin currently trades at around $19,000. El Salvador has also bought Bitcoin on a macroeconomic level and holds up to 2,381 coins. Based on the survey, 77% of Salvadorans do not support the move.
They stated that President Bukele “should not continue to use public funds to buy Bitcoin.”
Although they do not support his crypto and Bitcoin ideologies, nearly 76% of the El Salvador citizens that participated in the survey still support their President. Moreover, in February, President Bukele passed several regulations to enhance the citizens’ well-being, including lower taxes and citizenship in exchange for investments.
Without a doubt, President Nayib Bukele’s most successful move has been his war against the country’s local drug cartels and criminal gangs. As a result, El Salvador’s law enforcement agents have apprehended up to 53,000 people related to such crimes since March 2022. Thus, there have been lesser homicide rates in the country.
Although many people do not support El Salvador making Bitcoin a legal tender, the reduction in drug cartels and criminal gangs has made the country more attractive to tourists. Minister Morena Valdez says the country has become a well-known tourist location.