El Salvador’s Bitcoin Gamble: Only 12% Embrace Crypto In Daily Life Despite National Push – Report

In El Salvador, Bitcoin’s journey as a legal tender continues to unfold with varying degrees of public reception and economic impact. A recent survey by the José Simeón Cañas Central American University sheds light on the crypto’s usage among Salvadorans.

The study, involving 1,280 participants and conducted in their homes in December 2023, reveals intriguing insights into the population’s interaction with BTC for daily transactions.

The survey indicates a decline in BTC purchase usage among Salvadorans, with 12% reporting they used the cryptocurrency for transactions in 2023, down from 24.4% in 2022.

Interestingly, the frequency of BTC usage for purchases is predominantly low, with nearly half of the users (49.7%) reporting using BTC only one to three times. The primary expenditures in BTC include groceries (22.9%) and supermarket items (20.9%), followed by payments at veterinary clinics (15%).

Bitcoin’s Impact On Salvadoran Economy: Perception And Reality

While a growing number of Salvadorans feel their family’s life has improved since the Bitcoin legal tender law, this number remains relatively small, rising from 3% in 2022 to 6.8% in 2023.

The perception of the overall economic improvement in the country is more significant, with 34.3% of respondents seeing a positive change in 2023. However, only a fraction (0.5%) attributes this improvement to BTC’s legalization.

The survey, which notably excludes questions about the Salvadoran government’s BTC investments, reflects a public sentiment against continued governmental expenditure on BTC.

77.1% of respondents expressed their desire for the government to halt spending public money on BTC. Despite this public opinion, the Salvadoran government has not slowed down its BTC investment strategy.

BTC price is moving sideways on the 1-hour chart. Source: BTC/USDT on

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Author: Samuel Edyme

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