A recent survey by the University of Central America (UCA) estimated that 77% of Salvadorans surveyed believed that the adoption of bitcoin as legal tender 13 months ago was a mistake.
However, nearly 76% of the local population still supports their BTC-loving boss, Neb Bokhel, who has initiated several reforms and waged a war on local drug cartels.
El Salvadorans do not withdraw their support
The small Latin American country, El Salvador, made headlines last year when it became the first country to manufacture Bitcoin is a legal form of money within its borders. The news sparked wide controversies across the entire community with some praising the initiative, while others saw it as not bringing the economic benefits sought by the government.
Earlier this week, the University of Central America (UCA) done Research to see what locals think of the move.
The vast majority (77%) believe it was a failure, while about 76% admitted not using any digital currencies in 2022. Commenting on the results, University President Andrew Oliva described the government’s decision to adopt bitcoin as legal tender as “the most unpopular measure, and the most criticism, and the most resentful.”
The negative attitude of Salvadorans could come from the fact that Bitcoin (similar to many other digital assets) has lost a significant portion of its valuation in the past several months. It was trading at around $45,000 when El Salvador adopted it as its official settlement and rose to nearly $70,000 in November 2021. However, the price is currently hovering at around $19,000.
The country has also bought BTC at the macro level and currently He carries 2,381 coins. 77% of respondents do not support the move, saying that President Bukele “should not continue to spend public funds to buy bitcoin.”
Despite his disapproval of his crypto initiatives, nearly 76% of Salvadorans surveyed had a high opinion of their leader. In February, is Suggestion Several reforms that could improve the well-being of the local population, including lowering taxes and granting citizenship in exchange for investments.
Arguably his biggest success so far is the war he has waged on local drug and criminal gangs. Since March 2022, the authorities have arrested more than 53,000 people linked to these organizations, and thus significantly Reducing The homicide rate in the region.
Bitcoin had certain benefits for El Salvador
While many locals believed that making BTC an official payment method within state borders was not the best, this endeavor was boost The tourism sector in El Salvador.
Earlier this year, Minister Morena Valdez said the country has become a more popular tourist destination since the adoption of BTC.
“We conducted a survey to check the activity before and after Bitcoin. The tourism sector rose in November and December. This percentage increased by more than 30%.”
Soon after, Najib Bukil’s management established Huge veterinary hospital built with bitcoin profits. The facility, called Chivo Pets, is open 24/7 and contains operating and rehabilitation rooms, quarantine rooms, and other medical features.