Bitcoiners living in the country are skeptical of the number, however. <\/p>\n
Only one in 10 Salvadorans used Bitcoin in the past year, a recent survey found \u2013 but even that may be a stretch.<\/p>\n
According to a recent study<\/a> by the University Institute of Public Opinion of El Salvador, 12% of Salvadorans used bitcoin in the past year. This represents a significant drop in usage year-on-year. The same center revealed<\/a> last year that 21% of Salvadorans had used bitcoin in 2022.<\/p>\n Of the remaining respondents, 85% claim they haven\u2019t used it in the past year, while 3% said they have never used it.<\/p>\n Bitcoin is legal tender in the country since<\/a> September 2019. It has been debated how much the system is used in the Central American nation, which has earned the tag of \u201cBitcoin Country.\u201d<\/p>\n <\/p>\n The 45-page report highlights that only 0.5% of the population thinks that Bitcoin has helped to improve the country\u2019s economy.<\/p>\n Of the Salvadorans that used Bitcoin in the past year, 22% said they bought clothes with the crypto, 20% had used it at a supermarket, and 12% paid their utility bills with BTC.<\/p>\n \u201cThinking that more than 10% of the country uses Bitcoin is like saying half of the population of San Salvador [the capita] is bitcoinized,\u201d says Javier Bastardo<\/a>, Bitfinex\u2019s Bitcoin ambassador to Latin America, who currently lives in El Salvador.<\/p>\n According to Bastardo, the figure doesn\u2019t make much sense, unless it\u2019s focusing on those that used Chivo to withdraw the $30 dollar Bitcoin bonus offered to nationals back in 2021.<\/p>\n Bitcoin Country has been widely touted as a nation-wide experiment led by president Nayib Bukele to foster innovation and technologically-led development. Bukele recently announced<\/a> the country\u2019s Bitcoin bet is now in profit.<\/p>\n While Bastardo admits to The Defiant <\/em>that Bitcoin firms are growing fast in El Salvador, it still hasn\u2019t<\/a> reached meaningful adoption within the local population. \u201cI\u2019d say it\u2019s a 5 in terms of success from 1-10,\u201d he concluded.<\/p>\n <\/p>\nBitcoiners are Skeptical<\/strong><\/h2>\n