Survey reveals only 7.5% of Salvadorans use Bitcoin for transactions

A recent survey conducted by Francisco Gavidia University (UFG) found that only 7.5% of El Salvador’s citizens use Bitcoin (CRYPTO:BTC) for transactions. 

Despite Bitcoin's legal tender status since 2021, the majority of Salvadorans remain hesitant about its adoption. 

The study, conducted in late September, surveyed 1,224 people aged 18 and above, mostly from urban areas. 

Over 92% of respondents said they did not use Bitcoin for any transactions, with 0.5% indicating they were unsure or did not understand the question. 

When asked what the country's primary focus should be for the future, only 1.3% of respondents pointed to Bitcoin, while most supported the development of education and industry. 

Although Bitcoin adoption has been lower than expected, President Nayib Bukele, the main advocate for its adoption, still enjoys high approval ratings. 

Respondents rated Bukele’s performance as 8.43 out of 10, and the government as 7.49. 

Additionally, around 80% of those surveyed said they were either neutral or optimistic about the country’s financial outlook. 

The study also showed a decline in Bitcoin adoption over the years. 

Earlier surveys, including one conducted by the José Simeón Cañas Central American University (UCA) in January 2024, found adoption rates above 10%, and surveys in 2022 and 2021 recorded rates exceeding 20%. 

However, despite the falling adoption rates, El Salvador has received more favorable feedback from the International Monetary Fund (IMF), which no longer sees Bitcoin as a financial risk for the country. 

At the time of writing, the Bitcoin price was $65,367.33.