According to research by the University of Central America (UCA), citizens of El Salvador believe that Bitcoin has failed.
South America’s smallest country, El Salvador, took the agenda by storm when it announced that it would make Bitcoin a legal currency in 2021. However, due to the volatile nature of the crypto space, the El Salvador government suffered serious losses as the BTC price dropped. This is one of the main factors affecting the adoption of BTC in the country.
Bitcoin Usage Declining in El Salvador
According to the survey conducted by the University of Central America (UCA), 77 percent of respondents view the adoption of Bitcoin as a failure.
Also, 75.6 percent of people declared that they have not used cryptocurrencies this year. Such a development is surprising given the Bukele administration’s efforts to popularize the digital asset class. However, data from the Salvadoran Central Bank in September this year revealed that less than 2 percent of all remittances were made with cryptocurrencies.
According to UCA research, 77 percent of Salvadorans believe their president should not continue to spend public money to buy BTC.
As of writing, CoinGecko data shows that Bitcoin is trading at $19,140, down more than 70 percent from its all-time high.
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