Research on El Salvador’s Bitcoin law claimed that residents think the Bitcoin adoption strategy failed.
El Salvador is the first country in the world which adopted Bitcoin as a currency in September 2021. Under the leadership of Nayib Bukele, president of El Salvador, the country adopted Bitcoin. Nayib faced huge criticism in & outside of the country for his strategy of Bitcoin adoption in the financial system.
Recently The University of Central America (UCA) released its report on El Salvador’s Bitcoin adoption success & failure, on behalf of its research.
On 18 October, Barrons published a report on behalf of UCA research and noted that 77% of citizens of El Salvador think that the Bitcoin adoption strategy of the country has failed.
The study noted that, despite huge struggles by the El Salvador government agencies to promote Bitcoin & Bitcoin use in the payment system, 75.6% of citizens didn’t use Bitcoin payment this year. And the main reason for not using the Bitcoin payment system is the downfall in the price of Bitcoin.
On the other hand, 77% of citizens think that the government should stop accumulating Bitcoin funds because the Government is only spending public money to buy Bitcoin.
The UCA rector Andreu Oliva said:
“Is the government’s most unpopular measure (Bitcoin legal tender), the most criticized and the most frowned upon.”
Nayib Bukele on Bitcoin loss
Last month, Nayib responded to the criticism, that the country’ government is facing because of Bitcoin adoption & Bitcoin price downfall, and said that people are not looking at thosw things that the country achieved with the help of Bitcoin adoption.
The country’s GDP increased significantly because of multiple factors, in which Bitcoin is included significantly, and also the country is still holding Bitcoins, So the country is not at loss.