Study presented by the UFG revealed that the population mistrusts the cryptocurrency.
52.1% of Salvadorans do not agree on the use of Bitcoin and another 30% do not trust the cryptocurrency,
According to data from a survey revealed yesterday by the Francisco Gavidia University, two months after the Bitcoin Law enters into force.
The survey: “Salvadorans think about the Bitcoin Law: Do they accept and receive?” It was carried out by the Disruptiva magazine and the Institute of Science, Technology and Innovation (ICTI), both units of said university.
Oscar Picardo, director of the ICTI, explained that the data reflected in the question: “Do you trust the criteria of President Bukele in this decision to adopt Bitcoin?” are key to understanding that not only do people distrust and reject Bitcoin, but that Bukele has lost popularity.
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“The study itself reveals that 3 out of 10 people have lost confidence in the president who until this date had a very wide popularity,” said Picardo.
The data collection was carried out from July 1 to 4 of this year with 1,233 effective ballots nationwide and has a 95% confidence level; was made with a view to the entry into force of the Bitcoin Law on September 9.
The study revealed very important data, since two months before the regulations come into effect, 68.4% said they did not know the Bitcoin Law; 21.9% know a little about it and only 9.6% said they know it.
Furthermore, 53.5% of Salvadorans consider that Bukele’s decision to establish Bitcoin as legal tender was a mistake; 24% answered that it was not very correct; 12% believe that it was correct and only 6.5% considered that it was very successful.
Salvadorans are not only unaware of the Law, but of the cryptocurrency itself and its value.
To the question: How much do you know about Bitcoin ?, 48.2% said something, 46% said nothing and 4.6% said a lot.
Another question was: “In this week, how much is a Bitcoin worth in its dollar equivalent?” and 71.3% indicated not knowing; 18.2% answered that close to $ 30,000 (which is the real value that the cryptocurrency had in that week); 4.7% said its value is equal to a dollar and 3% said that it was close to $ 100.
A very sensitive issue for the population is their salary or income, so they were asked: Would you be willing to receive your salary or income in Bitcoin? and 64.8% answered that they are not willing; 16.5% are willing; and 18.7% do not know or did not respond.
When consulting the public, which currency do you value for the financial stability of your family economy? 95% said that the dollar, only 1% answered that Bitcoin; 3.2% responded that another currency, and 0.8% said they did not know or did not respond.
In addition, 83.4% indicated that they do not know any family member or friend who has made transactions in cryptocurrencies or Bitcoin; only 16.1% said yes and 0.5% said they did not know or did not respond.
Traders reject Bitcoin
The study also inquired about the opinion of merchants, since the Bitcoin Law obliges this sector to accept cryptocurrencies.
Did you know that once the new Bitcoin law takes effect, on September 9, businesses will be obliged to accept these cryptocurrencies? They were consulted and 61% said they knew, 38% did not know and 9 % answered not knowing or did not answer.
Of the respondents, 280 people were merchants and they were asked if they would be willing to accept payments in Bitcoin, but 67.14% said they would not receive it; 24.29% that would receive it; 3.93 said that they are indifferent and 4.64% that they do not know or did not respond.
“It is important to see at this point how the rejection of Bitcoin is marked,” commented the ICTI director.
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On June 24 during a national chain, Bukele spoke about the difference between accepting and receiving Bitcoin. To find out if the population is clear about the message, they were asked if they understood the difference. 20% answered that they did not understand; 33.9% assured that they did understand, but 44.7% did not see the chain and 0.6% did not know or did not respond.
In that same chain, Bukele explained how to use the wallet or electronic wallet on his mobile phone and they asked citizens what is their assessment? 24.7% said it is easy to use; the 28.4 stated that it is very complicated; 44.4% assured that they did not see the national network and 2.5% said they did not know or did not respond.
Another important fact that the survey revealed is that merchants consider that the economic situation will worsen with the implementation of the Bitcoin Law, since 43.6% said that the situation could get worse; the 25.6% that will improve the economy; 17% that everything will remain the same and 13.1% said they do not know.
Those favored with the Bitcoin Law
40% of the population assured that the Bitcoin Law favors large entrepreneurs; 14.8% indicated that foreign businessmen; 13.1% to the country in general; 11.2% said that to government finances; 8.5% said they do not know and 6.5% said that Bukele’s family.
32.7% considered that Bukele’s motivation to adopt Bitcoin as legal tender was due to personal and / or business interests; 24.7% mentioned that to improve the family economy and generate more jobs; while 18.5% said that to facilitate transactions such as purchases and remittances; 10% to evade economic sanctions and 13.6% said they do not know.
Finally, when consulting the population, how do you feel about this decision to implement Bitcoin as legal tender? 48% said with uncertainty; 29% with fear; 19.8% optimistic and 2.6% do not know.
For Picardo, these results are only a reflection of a decision that was made without technical debate.
“The mandatory factor is what put the result of this bet in check; Maybe if the law had given a one-year period for adaptation, for progressive implementation, and after that year the law had been reformed, it would have been different, so I think it was a false step and there is a marked rejection, ”explained Picardo.
The analyst added that we must not forget that there is a digital divide and that it complicates the population to become familiar with this type of digital products.
“There is the digital divide, not everyone has internet, not everyone has equipment, not everyone has a bank account, there are many gaps associated with the problem,” he said.
At this point, the survey revealed that 23.5% have no way to connect; 24% stated that they did not have access to the internet 24 hours a day, seven days a week.