9 Out of 10 El Salvadorians Do Not Have A Clear Understanding of Bitcoin: Poll
As a result, the majority disagree with bitcoin’s adoption as a legal tender in the country.
The majority of the Salvadorans, 67.9%, said they disagree or strongly disagree with the use of Bitcoin as a legal tender, according to a poll by Central American University (UCA), a Jesuit university based in El Salvador that surveyed 1,281 people.
Interestingly, the poll showed that 9 out of 10 people did not clearly understand bitcoin, and 8 out of 10 said they had little or no confidence in its use.
The fact that many are unaware of how to use the digital currency and are distrustful of the project makes sense that they do not agree to adopt Bitcoin as a legal tender beside the US dollar.
As we reported this week, a survey of 2,000 consumers across the US by Bakkt also found that while 48% have invested in crypto, 24% of respondents said they don’t know where to start, which means financial literacy and consumer understanding remain a big part of crypto adoption.
Many people in the country that you would ask if they would be open to being paid in cryptocurrency would not even know what Bitcoin is. They would want dollars, which is what they are used to, explained Chainalysis CEO Michael Gronager in an interview with Bloomberg about this reluctance among the people of El Salvador towards bitcoin adoption.
But when they download the Chivo wallet from the government and start to use it, they will realize that it is equally simple or even simpler than what they're used to, he added.
“I think that's just the normal resistance that you would see in a country. So I'm not super concerned about that,” said Gronager.
This survey was conducted in August, ahead of the government’s move to formalize the use of cryptocurrency as legal tender in El Salvador on September 7.
However, more than 32% of people did agree with the government's decision on some level.
Back in early July, Disruptiva also conducted a similar poll that found that out of 1,233 surveyed, about 54% of El Salvadorians view Bitcoin adoption as “not at all correct” while 24% described it as “only a little correct” while about 20% approved of the cryptocurrency plan.
This time, 7 out of 10 people believe lawmakers should repeal the law.
This broad rejection of the implementation of bitcoin as legal tender also shows that for “the first time,” there was a “significant disagreement between the population and decisions being made by the Legislative Assembly and the president,” said UCA dean Andreu Oliva.
The new survey further showed that most Salvadorans think the law will mainly benefit the government, business leaders, the wealthy, and foreign investors. “There is a lot of concern about the possible negative effects of using bitcoin,” said Oliva.