According to a recent study published by the Universidad Centroamericana José Simeón Cañas, or Central American University of El Salvador, 77.1% of respondents said that they wanted the El Salvadoran government to stop "spending public money on Bitcoin."
Moreover, only 24.4% of respondents say that they've used Bitcoin as a means of payment since the country's government recognized Bitcoin as legal tender last year.
The survey, conducted by the privately-owned but non-profit Central American University, polled local Salvadoran residents regarding their opinion on the Legislative Decree No. 57 that recognized Bitcoin as El Salvador's legal tender on Sept. 7, 2021. A total of 1,269 valid interviews were collected during Sept. 2022, with a reported margin of error of 2.75% on a 95% confidence interval.
Although there was no direct causal link between the adoption of Bitcoin and the country's economic situation, 95% of survey respondents said their lives "stayed the same" or "has gotten worse" since Bitcoin became legal tender in El Salvador. The country's president, Nayib Bukele, is famous for his Bitcoin campaign in an effort to attract tourism and foreign investment. Last year, Bukele proposed founding a "Bitcoin City" where nominal tax rates are set at 0%, and construction would be funded by a $1 billion Bitcoin "Volcano Bond."
The politician and blockchain personality is also known for publicizing repeated purchases of Bitcoin with the country's national budget. According to the latest statistics, the El Salvadoran government has spent over $107 million to date buying Bitcoin. Still, despite dollar-cost averaging, the investments are only worth $45.7 million to date after this year's bear market. However, it should be noted that the portfolio tracker only tracks public announcements and that the reported profit and loss can differ without access to the government’s full trading records.