Most People in El Salvador Against Bitcoin — Days Before It Becomes Legal Tender
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Most People in El Salvador Against Bitcoin — Days Before It Becomes Legal Tender

11 months ago

A new survey by the Central American University shows 67.9% of those polled either disagree or strongly disagree with the Bitcoin Law.

Most People in El Salvador Against Bitcoin — Days Before It Becomes Legal Tender

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Despite having several months to get accustomed to the idea, it seems the people of El Salvador are still against plans to accept Bitcoin as legal tender.

A new survey by the Central American University shows 67.9% of those polled either disagree or strongly disagree with the Bitcoin Law.

With just three days to go before the cryptocurrency is elevated to the same level as the U.S. dollar, the research also revealed that nine in ten participants did not have a clear understanding of how it worked.

Meanwhile, seven in ten believe that politicians should repeal the Bitcoin Law altogether — indicating that President Nayib Bukele's promises of job creation and economic development have landed on deaf ears.

Andreu Oliva, the university's dean, said: 

"What we can see in this survey, in addition to this broad rejection of the implementation of Bitcoin as legal tender, is that for the first time we found a significant disagreement between the population and decisions being made by the Legislative Assembly and the president

Why the Reservations?

Alongside the technical hurdles associated with understanding Bitcoin, it seems that many of those polled believe that the main beneficiaries from this law will be foreign investors, business leaders and the government itself.

All of this comes as protests against the Bitcoin Law have continued on the streets of San Salvador, the country's capital. Some of the demonstrators are retirees who are concerned that their pensions will start to be paid out in crypto.

Earlier this week, a vocal critic of the Bitcoin Law was arrested without charge — and released a few hours later.

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