21 October, 2022 | 10:47 AM

According to the survey, 77.1 percent of Salvadorans believe the government should "stop spending public money" on Bitcoin.

According to the survey, 77.1 percent of Salvadorans believe the government should "stop spending public money" on Bitcoin.

The approval of Bitcoin as legal tender was supported by less than 40% of those polled.

A recent study by José Simeón Caas Central American University in El Salvador found that 77.1 percent of respondents want the Salvadoran government to stop "spending public money on Bitcoin."
In addition, only 24.4% of respondents claim to have paid with Bitcoin (BTC tickers down $19,057) since the country's government declared it to be legal tender last year.
Local Salvadoran residents were surveyed regarding their thoughts on Legislative Decree No.57, which recognized Bitcoin as legal tender on September 7, 2021, in El Salvador.On a 95% confidence interval, 1,269 valid interviews were gathered in September 2022, with a reported error margin of 2.75 percent.
95% of respondents to the survey report that their lives have either “stayed the same” or “[have] gotten worse” since Bitcoin became legal tender, despite the fact that there was no direct causal link between the adoption of Bitcoin and the economic situation of the nation.Nayib Bukele, the country's president, is well-known for his Bitcoin campaign to promote tourism and foreign investment.Bukele proposed last year establishing a "Bitcoin City" with zero percent nominal tax rates and construction funded by a $1 billion Bitcoin "Volcano Bond."
The politician and blockchain personality is also well-known for making frequent BTC purchases with the nation's budget public.According to the Nayib Bukele Portfolio Tracker, the Salvadoran government has purchased Bitcoin for more than $107 million thus far.Nevertheless, as a result of this year's bear market, the investments are currently only worth $45.7 million despite dollar-cost averaging.However, it is important to keep in mind that the portfolio tracker only monitors public announcements and that the reported profit and loss may not be entirely accurate without access to the entire trading records maintained by the government.