77.1% of Salvadorans surveyed think the gov’t should ‘stop spending public money’ on Bitcoin

In a current research published by José Simeón Cañas Central American College in El Salvador, 77.1% of respondents say that they need the Salvadoran authorities to cease “spending public cash on Bitcoin.”

Furthermore, solely 24.4% of respondents say they’ve used Bitcoin (BTC) as a way of fee because the nation’s authorities acknowledged it as authorized tender final yr. 

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The survey, carried out by the privately owned however nonprofit Central American College, polled native Salvadoran residents concerning their opinion on Legislative Decree No. 57, which acknowledged Bitcoin as authorized tender in El Salvador on Sept. 7, 2021. A complete of 1,269 legitimate interviews had been collected throughout September 2022, with a reported margin of error of two.75% on a 95% confidence interval. 

Though there was no direct causal hyperlink between the adoption of Bitcoin and the nation’s financial state of affairs, 95% of survey respondents say their lives “stayed the identical” or “[have] gotten worse” since Bitcoin grew to become authorized tender. The nation’s president, Nayib Bukele, is known for his Bitcoin marketing campaign that has sought to draw tourism and overseas funding. Final yr, Bukele proposed founding a “Bitcoin Metropolis” the place nominal tax charges are set at 0%, with building funded by a $1 billion Bitcoin “Volcano Bond.”

The politician and blockchain persona can be identified for publicizing repeated purchases of BTC with the nation’s nationwide finances. The Salvadoran authorities has spent over $107 million shopping for Bitcoin up to now, in keeping with the Nayib Bukele Portfolio Tracker. Nonetheless, regardless of dollar-cost averaging, the investments are at present solely price $45.7 million following this yr’s bear market. Nonetheless, it ought to be famous that the portfolio tracker solely tracks public bulletins and that the reported revenue and loss is probably not totally correct with out entry to the federal government’s full buying and selling information.