The Central American University José Simeón Cañas of El Salvador has released the findings of its Bitcoin survey for 2023. The survey revealed that only 12% of Salvadoran citizens used BTC for their purchases during the year, and only 6.8% believed that using BTC improved their family economy.
According to the survey, conducted in December 2023 with 1,280 respondents, 22% used BTC to buy food, and 20% used it to pay at supermarkets. Additionally, 2% of Bitcoin users claimed to have used it at least 50 times, while 18% said they had only used it once in the past year.
In terms of the impact of BTC on the country’s economy, only 6.8% believed that it would improve their family’s economic situation by 2023. For 77% of respondents, having BTC as a legal currency did not change their family economy.
Despite these findings, only 3% of respondents stated that they had never used Bitcoin. When asked about the overall impact of Bitcoin as a legal currency on the country’s economy in 2023, 52% said they saw no changes, while 16% saw improvements and 18% saw worsenings.
Looking ahead to the first quarter of 2024, El Salvador plans to launch its Bitcoin Bonds to finance the construction of “Bitcoin City.” This move represents a significant step towards integrating crypto into the traditional economy. Additionally, with the approval of the BTC spot ETF in the US, El Salvador reported a profit of $13 million from its investment in BTC.
Hot Take: El Salvador’s Bitcoin Usage and Perception Revealed in Survey
A recent survey conducted by the Central American University José Simeón Cañas shed light on the usage and perception of Bitcoin in El Salvador. The survey showed that while Bitcoin is legal tender in the country, its usage remains relatively low compared to traditional payment methods. Only 12% of respondents confirmed using Bitcoin for purchases in 2023, with food and supermarket payments being the most common use cases.
Interestingly, despite Bitcoin’s legal status, only 6.8% of respondents believed that it improved their family economy. The majority (77%) stated that having Bitcoin as a legal currency did not change their family’s economic situation. However, the survey also revealed that beliefs about Bitcoin’s impact on the country’s economy were divided, with 16% seeing improvements and 18% seeing worsenings.
Looking ahead, El Salvador plans to launch its Bitcoin Bonds to finance the construction of “Bitcoin City,” showcasing its commitment to integrating cryptocurrency into the traditional economy. With the recent approval of the BTC spot ETF in the US, El Salvador has already reaped a $13 million profit from its investment in Bitcoin.
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