The UCA Institute of Public Opinion conducted its latest survey to find out what Salvadorans think about Bitcoin. The survey also looked at what the population thinks about the country’s socio-economic situation.
Salvadorans express a strong rejection of Bitcoin as a legal tender currency that is mandatory, according to the latest survey conducted by the University Institute of Public Opinion (IUDOP) of the Central American University José Simeón Cañas ( UCA), which reveals that 7 out of 10 Salvadorans do not want to use this cryptocurrency.
It also reveals that approximately 7 out of 10 Salvadorans believe that members of the Legislative Assembly have repealed the Bitcoin Act.
The IUDOP conducted an opinion poll at the national level, between 13 and 20 August 2021, in order to know the perceptions of citizens in the face of the multiple events that occurred between May and August this year, between them the passage of the Bitcoin Act and the increase in the minimum wage.
In this sense, part of the survey was devoted to consulting the public their level of knowledge about Bitcoin, which will begin to be legal tender from September 7 this year.
Among other relevant data are that 7 out of 10 Salvadorans claim to have little or no confidence in Bitcoin and approximately 8 out of 10 citizens are clear that the price of Bitcoin is constantly changing in value.
I’ll see: Salvadoran social organizations insist on repeal of the Bitcoin Law
“Regarding the Bitcoin Law and the use of Bitcoin as a legal tender in El Salvador, the population is aware that it has been a measure taken away from the population and does not directly benefit the population, more soon only 5.8% of respondents believe that this measure would benefit the population, “said the rector of the UCA, P. Andreu Oliva.
Salvadorans were asked: Should the use of Bitcoin be mandatory or voluntary for the Salvadoran population? The almost unanimous answer was that it should be voluntary, according to 95.9% of respondents.
About 7 out of 10 Salvadorans believe that members of the Legislative Assembly have repealed the Bitcoin Act. Photo / AFP
No public money should be spent on using Bitcoin, they say
In the poll, Salvadorans were also clear in disapproving of the government giving away $ 30 to use this cryptocurrency.
“6 out of 10 Salvadorans disagree or strongly disagree with the government’s decision to spend public money to use Bitcoin in El Salvador and about 8 out of 10 Salvadorans are little or no interest in downloading and using the Chivo e-wallet “, explained the director of the IUDOP, Laura Andrade.
Continue reading: Icefi believes that the law for the use of Bitcoin in El Salvador should be repealed
In relation to the impact of Bitcoin on the family economy predicted by Salvadorans, more than half of the population, ie 54.3%, maintains that the prices of products in the basic basket will increase with the approval of Bitcoin. While a third of citizens answered that their family economic situation will worsen with the use of Bitcoin when its use is in force.
“There are major fears, such as that Bitcoin will have a negative impact on the national economy, as 54.6% believe that basic basket prices will rise and 43% say it will worsen the national economy and 34.7% that it will worsen the family economy, ”the UCA rector warned.
Another relevant piece of data from the survey is that within a few days of the Bitcoin Act coming into force in the country, 9 out of 10 Salvadorans have an inaccurate notion or do not know what Bitcoin is.
According to Oliva, “what stands out from public opinion is the misinformation of the population; more than a third of the population does not know that the Bitcoin Law has been passed and they do not know what exactly we call Bitcoin, and they have misconceptions about this cryptocurrency. “
The poll reflects people’s ignorance about digital currency as 43.4% consider Bitcoin to be a physical currency or money and only 11% can say something related that corresponds to reality; while 43.5% say they do not know how bitcoins are acquired.
Read more: Most Salvadorans reject Bitcoin, according to a UCA poll
Among the queries they made to respondents was: How many dollars do you think 1 Bitcoin equals? 39.5% said they did not know or did not respond; 18.6% answered that more than $ 30,000; 11.7% mentioned that it is equal to one dollar; 9.3% said less than a dollar; 3.1% responded that between $ 11 and $ 100; while 2.1% said between $ 1,001 and $ 10,000 and only 1.5% said between $ 101 and $ 1,000.
But another relevant fact that the poll reveals is that many Salvadorans continue with the idea of migrating to another country because of the uncertainty generated by the adoption of Bitcoin and how it will affect their family economy.
“If the use of Bitcoin harmed their family economy, would that make them think about the possibility of migrating (or going to live) to another country ?, they consulted them and 41.6% said that yes, that is to say almost 5 of 10 Salvadorans would migrate for that reason.
For the rector of the UCA, the population is becoming increasingly clear about the instability of Bitcoin and prefer to continue using the dollar for their transactions. “The population has no interest in using Bitcoin,” Oliva stressed.
Bitcoin Glossary: The words you need to know to understand the world of digital currency
The sample of the survey was 1,281 people over the age of 18, representative of the entire adult population residing in the country. This sample has a sample error of about 2.76% and a 95% confidence level. This opinion poll was nationwide in all 14 country departments and was conducted by visiting participants ’homes, they explained.