The El Salvadoran People's Shows Survey Asks The Government To Stop Bitcoin Investment

The survey shows that the people of El Salvador do not agree with investing in Bitcoin. (photo: Doc. Pixabay)

JAKARTA - In a recent study published by

In addition, only 24.4% of respondents said they had used Bitcoin as a means of payment since the country's government recognized it as legal tender last year.

The survey, conducted by Central American University, also surveyed Salvadoran locals regarding their opinion on Legislative Decree No. 57, which recognizes Bitcoin as legal tender in El Salvador on September 7, 2021. A total of 1,269 valid interviews were collected during September 2022, with a margin of error of 2.75% with a 95% confidence level.

While there is no immediate causal relationship between Bitcoin adoption and the country's economic situation, 95% of survey respondents said their lives remained the same, worsening since Bitcoin became legal tender.

El Salvador's President, Nayib Bukele, who is known for his Bitcoin campaign is now continuing to attract tourism and foreign investment. Last year, Bukele proposed the establishment of a Bitcoin City where a nominal tax rate was set at 0%, with a construction funded by a $1 billion Bond Volcano.

The blockchain politician and supporter is also known for publicizing repeated purchases of BTC with the country's national budget. According to a Portfolio tracker, the Salvadoran Government has spent more than 107 million US dollars on Bitcoins to date.

However, the investment is currently only worth 45.7 million US dollars after the bearish market that took place this year. It should be noted that portfolio trackers are only tracking public announcements and that reported earnings and losses may not be fully accurate without access to the government's full trade record.