Salvadorans Didn’t Benefit From The BTC Law: Study Shows

Salvadorans didn’t benefit from the BTC law as the latest study shows and only 6.1% of those living in the country felt that the law was actually beneficial so let’s read more today in our latest Bitcoin news.

71% of Salvadorans didn’t benefit from the Bitcoin law and a huge part of them said that the law promoted by their president didn’t help them at all. The survey conducted by the Institute of Public Opinion of the Central American University “Jose Simeon Canas” found that 71% of the 1270 Salvadorans interviewed said the law didn’t bring them any benefits. Furthermore, according to the survey, 12% of the Salvadorans said that the law brought few economic benefits to their families contrary to what people speculate on social media. Only 6% of them reported that they saw some benefits thanks to Bitcoin.

According to the survey, half of the people in the country consider that President Bukele hasn’t had any major failures in his third government year but 3.9% of those surveyed saw the BTC law and other investmetns as one of the biggest failures. The dissatisfaction could have something to do with the slump in the market after the president’s use of public money to invest in BTC and spend millions on crypto rather than focusing on the priorities in the country. On top of that, the Government continued to buy BTC and went into more debt despite the currency being on a downtrend since last year and causing major discontent among investors.

20% of the surveyed said the economic situation improved because of the Government’s financial aid and took into account the $30 given in BTC as an incentive to those that installed the chivo Wallet ont their phones. Another survey from February by the National Bureau of Economic Research revealed that 20% of those who spent the $30 bonus continued using the wallet despite the incentives offered by the Government like the reduction in the payments for gasoline. The reports show:

“While most citizens in El Salvador have a cell phone with internet, less than 60% of them downloaded the wallet and 20% continued to use the app after spending their $30 sign-up bonus. Further 5% of the citizens paid taxes with BTC and despite its legal tender status, only 20% of the firms mostly larger ones accepted BTC. “