El Salvador changed cryptocurrency dynamics by adopting Bitcoin as a legal currency in 2021. El Salvador embraced the king-coin in a major way, while several other countries took it slowly. BTC’s popularity is lower than the industry had expected, according to recent data.
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A recent study by the San Salvador University Francisco Gavidia found that a majority still prefers to transact in cash. The San Salvador University Francisco Gavidia conducted a survey that revealed 92% of people do not use Bitcoin or other cryptocurrency to conduct transactions. In the survey, only 7.5% admitted that they use BTC to make daily purchases.
Only 1.3% of the respondents said that Bitcoin would be their primary investment for the country in the future. The percentage of respondents is decreasingly small, considering that the country’s preference for the king-coin. This survey involved 1,224 adults from the area.
El Salvador’s president was well aware that BTC is being misused. Nayib Bukele, an August interview with TIME. said,
“Bitcoin hasn’t had the widespread adoption we hoped for.”
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How Much Bitcoin Does El Salvador Hold?
The Nayib Tracker websiteAccording to, who monitors El Salvador’s assets, the country has a total of 5,875 BTC. El Salvador’s BTC is currently worth $394.637.087.50.
The king coin also traded at $67.206.28 at the time of press, after an increase of 2.15 % over the previous 24 hours. Community members expect the asset to reach a peak of $70,000 in the near future.
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Source: watcher.guru
