75% of Salvadorans Still Skeptical About Plans to Make Bitcoin Legal Tender
Market Musings

75% of Salvadorans Still Skeptical About Plans to Make Bitcoin Legal Tender

By Connor Sephton
3mo ago
2m

As Bitcoin battles to stay above $30,000, Bloomberg believes the second half of this year is looking bullish.

75% of Salvadorans Still Skeptical About Plans to Make Bitcoin Legal Tender

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More than 75% of Salvadorans are skeptical about their president’s plans to make Bitcoin legal tender.

With less than two months to go before BTC is given official currency status alongside the U.S. dollar, a poll suggests that less than 20% of the population approves of the radical measures.

Disruptiva’s poll also showed that 46% of respondents knew nothing about Bitcoin — and 65% are unwilling to be paid in cryptocurrency.

El Salvador is hurriedly making preparations to embrace Bitcoin ahead of the digital asset becoming legal tender on Sept. 7.

Plans are in place to reward Salvadorans with $30 in Bitcoin if they download and use the government’s official crypto wallet — but this data suggests that consumers may need a little more convincing.

An official from Disruptiva, which performed the survey, said:

“This is a risky bet on digital transformation.” 

Crypto Market Update

Bitcoin is currently battling to stay above $30,000 — but according to Bloomberg Intelligence’s latest report, the world’s biggest cryptocurrency is “set to shine” in the second half of 2021. The authors wrote:

“The crypto market is likely entering a more adult stage in 2H, and we see Bitcoin regaining luster. Excesses of 1H, as exemplified by Dogecoin, have been alleviated, and the mainstream migration trend appears quite strong.”

In Bloomberg’s view, Bitcoin’s volatility is set to decline in the coming months, too.

The report added that Ether “appears at a discount within a bull market and could consolidate for a while at $2,000 to $4,000.” However, analysts believe ETH might be following the pattern we saw with Bitcoin in 2017 — something that could deliver explosive growth in the final quarter of this year.

When it comes to on-the-day activity, DOGE is one of the better performers. You’ll be unsurprised to hear that this is probably linked to Elon Musk, who suggested in a tweet that the joke cryptocurrency could be a more effective payments method than the likes of BTC and ETH.