Bitcoin Adoption: Bad Score for El Salvador!

Bitcoin no longer finds buyers in El Salvador. Currently, the country has only about 109,000 people holding BTC. The government in place must revisit its strategies to revise these numbers upwards and gain legitimacy. Zoom in!

El Salvador, Less Than 2% of the Population Holds Bitcoins

Despite all the possible strategies used by the Salvadoran government to give a positive image to bitcoin (Casa del Bitcoin, Chivo, Bitcoin City, Volcano Bonds, etc.), the population continues to snub the queen of cryptocurrencies.

The BTC adoption rate is relatively low in El Salvador.

[TRIPLE A] Even though El Salvador is the only country in the world using crypto as legal tender, approximately only 1.72% of the population owns #Bitcoin (109,175 people out of 6.36 million) pic.twitter.com/DNyOt5VCNP

— BecauseBitcoin.com (@BecauseBitcoin) December 9, 2023

“[TRIPLE A] Even though El Salvador is the only country in the world to use cryptocurrencies as legal tender, only about 1.72% of the population owns Bitcoins (109,175 people out of 6.36 million).”

In a recent publication, Cointelegraph highlighted a Triple-A study report stating that only 109,175 Salvadorans hold bitcoins. This represents about 1.71% of the population, considering the country has a current population of 6.36 million.

A situation that does not match the fact that El Salvador is the first country to have adopted bitcoin as legal tender.

“Despite these progressive measures, the adoption of Bitcoin in El Salvador remains relatively low,” the Triple-A team highlights.

The report also ranked El Salvador at the 55th position on the Global Cryptocurrency Adoption Index. It seems that Nayib Bukele’s team lacks efficiency in their will to democratize bitcoin. Yet, in China, in a context of cryptocurrency ban, the adoption rate is very high.

“It is estimated that 4.08% of China’s total population (about 58 million people) currently holds cryptocurrencies,” reads the famous report.

President Nayib Bukele, the one who has just left his post to better prepare for the upcoming presidential elections, might he have made a bad bet with bitcoin? Crypto-skeptics will certainly have their say on this. Enthusiasts, on the other hand, will continue to encourage this devoted advocate of bitcoin.