El Salvador Still Interested in Bitcoin Despite Criticism
• A recent study found that El Salvador is the second most interested country in bitcoin and crypto, ranking behind the U.S.
• President Nayib Bukele has been criticized by Salvadorans for his push for bitcoin adoption and the approval of a Bitcoin Law in June 2021.
• Despite criticism, polls have suggested that there is still interest in crypto in El Salvador.
Interest in Bitcoin Remains High in El Salvador
A recent study conducted by Crypto Betting showed that El Salvador is one of the countries with the most interest in learning about bitcoin and its uses, coming second after only the United States. The study examined queries using Google Analytics and the number of bitcoin ATMs around each country to determine rankings, giving El Salvador a grade of 46.19 out of 100 on a scale where higher numbers indicated more interest.
Criticism of President Bukele’s Push for Bitcoin Adoption
President Nayib Bukele has been pushing for increased bitcoin adoption since June 2021 when he approved a law making it legal tender in El Salvador. However, this move has drawn criticism from some within his own country as polls conducted by Simeon Canas University last year found that most people did not think it had improved their personal finances and were generally negative towards its use as legal tender. Similarly, another survey found that over 60% disagreed with its adoption as legal tender instead preferring to keep using the US dollar.
The Building of ‚Bitcoin City‘
Despite this criticism President Bukele is continuing his push for increased bitcoin adoption through programs such as ‚Bitcoin City‘. This city will be built with funds from Volcano Bonds which are yet to be released by government authorities but will be powered entirely by geothermal energy sources once completed.
Remaining Interest Despite Criticism
Although there may be some reservations regarding cryptocurrency usage among citizens, polls suggest that there is still significant interest surrounding cryptocurrencies within El Salvador meaning it remains one of the countries with highest levels of interest worldwide when it comes to issues surrounding crypto assets such as bitcoin.
El Salvador remains an important player in terms of worldwide cryptocurrency usage despite skepticism from some within its own borders due to programs such as ‚Bitcoin City‘ being developed and continued efforts from President Bukele to increase acceptance and usage within his own country.