Salvadorans Continue to Mistrust Bitcoin, Survey -Breaking
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Survey: Salvadorans continue to mistrust Bitcoin- A recent survey revealed that cryptocurrency is still a concern for the majority of Central American citizens.
- Salvadorans are also against the government using public money for buying and selling.
- 42.6% believe BTC has more benefits for the rich than it does the government.
Even though Bitcoin was approved last September by the government to be legal tender, 70.1% still doubt it. The results of a survey by universities revealed this last week.
The University Institute of Public Opinion of Central American University (UCA) found that 34.8% of Salvadorans don’t trust cryptocurrency with the largest capitalization anywhere in the world.
The digital currency is not trusted by 35.3%, according to the survey. 13 % said they are confident in BTC, while 14.1% indicated that they completely trust it.
El Salvador, the country that adopted Bitcoin as its legal currency on September 7, 2021 was the first in the world. The President Nayib Bukele has since announced several infrastructure projects that are related to Bitcoin mining.
Bitcoin City will be constructed at 300,000.000 Bitcoins. Geothermal energy from a volcano will also be used. There will also be schools that teach blockchain technology, and help to develop crypto culture. These bonds will cost 1,000,000,000 dollars to finance.
BTC “benefits the government and the rich”
According to the survey, 25.6% of Salvadorans consider that BTC benefits “the rich” more. A further 20.5% percent of respondents stated that BTC benefits are most important to the Government, and 19% for foreign investors.
Also, the study surveyed the public about Chivo wallet creation by the government. In order to promote the use of digital wallets for commercial purposes, the government offered a $30 bonus per user.
The survey found that 56.6% Salvadorans had already installed the Chivo Wallet app on their phones. But, 55.1% of them did it only to collect the government’s bond.
41% said they disagree with the government using public funds to buy bitcoins. 20% of those interviewed said they were strongly opposed to this decision.
Flipside
- Critique of the government grows as BTC’s price has dropped back.
- The criticisms center on the intransparency of the public funding used for Bitcoin purchases.
- Reports have been made that identity theft was a possibility in order to receive the $30 bonus.
IUDOP was conducted between December 7th and 17, and the IUDOP sample was taken from 1,298 individuals across the country. This instrument has a confidence level of 95% and a margin to error of about 2.72%.
An additional survey by the same university was done in mid-August last year and showed that seven out of ten Salvadorans were unsure what Bitcoin is.
Why you should care
- El Salvador’s government is relying on BTC as a means to boost the economy. The country has just over 6.4million inhabitants.
- Multilateral institutions such as IMF and the World Bank have warned President Bukele, the United States of America, about the potential dangers associated with cryptocurrency.
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