Ironic! El Salvadorans Disapprove Of Bitcoin Becoming An Official Exchange Tool

JAKARTA – The government of El Salvador has adopted Bitcoin as the official medium of exchange since September 9, 2021. However, most El Salvadorans do not agree with Bitcoin being used as legal tender.

According to the results of a survey conducted by the Center for Community Studies of the University of Francisco Gavidia, about 62.3 percent of El Salvadorans do not agree with the government's adoption of bitcoin.

Bitcoin.com News reports the survey involved 1,306 interviews across the country, and sought to evaluate public perceptions of the administration of the country by Salvadoran president Nayib Bukele. It was also revealed that only 23.7 percent support bitcoin adoption and the cryptocurrency movement in the country, while around 11 percent are skeptical about using Bitcoin or not.

Some experts say the adoption of bitcoin by the Bukele government has become a big problem for El Salvador with the majority rejecting the move. According to a statement from one of the residents of El Salvador, Doris Ponce (43), stated that: “People don't want the money (Bitcoin). Maybe when the dollar disappears."

President Bukele has projects related to cryptocurrencies, one of which is establishing Bitcoin City. He also managed to harness volcanic energy for Bitcoin mining. El Salvador is making massive BTC purchases at a time when the crypto market is crashing. The country has purchased more than 2,300 Bitcoins as a form of state investment.

The International Monetary Fund (IMF) has warned El Salvador about its decision to adopt Bitcoin. The IMF also had urged the country to reverse its decision.