Survey reveals, nearly 68% Salvador citizens oppose Bitcoin (BTC) adoption

By Palak Malhotra
Published September 3, 2021 Updated September 3, 2021
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Survey reveals, nearly 68% Salvador citizens oppose Bitcoin (BTC) adoption

By Palak Malhotra
Published September 3, 2021 Updated September 3, 2021

A recent poll by the Central American University (UCA), a Jesuit university based in El Salvador, revealed that the majority of Salvadorans are against Bitcoin (BTC) legal tender adoption in the nation. While the massive 67.9% out of the 1,281 surveyed, had displayed strong disagreement with the use of bitcoin as a legal tender. At the same time, 32.1% of citizens were merely okay with the decision.

The majority in Salvador is Discontent

UCA’s survey results conveyed extreme discontent of the citizens with the upcoming BTC legal tender in El Salvador. Where 9 out of 10 people remained uncertain about Bitcoin as a concept, and 8 out of 10 expressed distrust in the utilization of Bitcoin as legal tender. On average, 7 out of 10, discredited the policymakers’ decision and advised to revoke the BTC legal tender law.

“What we can see in this survey, in addition to this broad rejection of the implementation of bitcoin as legal tender, is that for the first time we found a significant disagreement between the population and decisions being made by the Legislative Assembly and the president,” Reuters cited the UCA dean, Andreu Oliva.

Salvador citizens worried about economic polarization

People are not only concerned about BTC use in daily life and grasping a functioning understanding of the system. Instead, Salvadorans are worried that BTC legal tender adoption may lead to increased economic polarization in the nation. The poll conveyed this issue and Salvador’s common man worries about the rich becoming rich and poor degrading furthermore after the BTC legal tender implementation. The people said that they think the main beneficiaries of this project will be the already wealthy and prosperous, such as foreign investors, the government, and business leaders.

“There is a lot of concern about the possible negative effects of using bitcoin,”, Oliva added.

While the public continues to disagree with BTC’s legal tender, El Salvador’s government is in the fifth gear to implement the crypto adoption. In the latest update, the nation’s legislative assembly announced that it has approved a new Bitcoin Trust worth $150 million. The Bill is focused on converting Bitcoin to US Dollar, along with further supporting the crypto infrastructure in the country.

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
415 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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