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Monday, March 27, 2023

El Salvador Remains One of the Countries Most Interested in Bitcoin

El Salvador Remains One of the Countries Most Interested in Bitcoin – A recent study conducted by Crypto Betting, a decentralized gaming portal, revealed that El Salvador has the second-highest level of interest in learning about bitcoin and its applications. The study analyzed the behavior of Google Analytics queries and the number of bitcoin ATMs in various countries.

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On a scale of 0 to 100, where a higher score indicates a greater interest in bitcoin, the study rated the country with a grade of 46.19. Countries with a higher level of interest in bitcoin received scores closer to 100. About the situation of El Salvador, the report stated: “El Salvador is a unique and prominent player in the world of Bitcoin.”

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According to the report, the United States was found to be the most interested country in bitcoin globally, with a score of 54.95 out of 100. The report also identified several other countries that ranked highly, including Vietnam, Canada, Nigeria, Switzerland, the Philippines, India, Venezuela, and Austria.

Although the country passed the Bitcoin Law in June 2021, which would legalize bitcoin as a form of currency, experts and studies have criticized President Nayib Bukele’s efforts to promote bitcoin adoption. Last year, Simeon Canas University conducted several polls that indicated a majority of Salvadorans held negative views on bitcoin, with most believing that it did not benefit their personal finances. 

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Additionally, a study by the Francisco Gavidia University’s Center for Citizen Studies in May 2022 found that over 60% of Salvadorans disagreed with the decision to adopt bitcoin as a legal tender, preferring to use the US dollar instead.

Despite the criticism, Bukele has pushed for the construction of Bitcoin City, a city powered by geothermal energy that will be built with funds coming from the so-called Volcano Bonds, which have yet to be issued by the government. The study suggests that there is still interest in the crypto issue in El Salvador, even if the population is not completely convinced about it.


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