El Salvador changed the dynamics of the cryptocurrency industry by adopting Bitcoin (BTC) as a legal tender in 2021. While several countries were slowly embracing the king coin, El Salvador took a big leap. But recent data reveals that BTC isn’t as popular as the industry expected it to be.
Also Read: US Bitcoin ETFs Break Records: $1B Inflows Led by BlackRock
According to a recent survey from the San Salvador University Francisco Gavidia, a majority of citizens of the region still preferred transactions in cash. It was brought to light that 92% of the population doesn’t use Bitcoin and other cryptocurrency for transactions. A dainty 7.5% of respondents in the survey admitted to having employed BTC for daily transactions.
Just 1.3% of respondents to the study stated that they believed Bitcoin should be the nation’s primary investment in the future. This percentage is increasingly dainty considering the nation’s inclination towards the king coin. The survey was carried out among 1,224 adult citizens of the region.
It seems like the President of El Salvador, was aware of BTC being poorly used. In a recent interview that took place in August with TIME, Nayib Bukele said,
“Bitcoin hasn’t had the widespread adoption we hoped for.”
Also Read: Ripple: XRP To Breakout Within 70 Days, Says Analyst
How Much Bitcoin Does El Salvador Hold?
The Nayib Tracker website, which monitors the nation’s holdings, states that it presently has 5,875 BTC. El Salvador’s BTC stash is worth $394,637,087.50, taking the asset’s current price into consideration.
In addition, at press time, the king coin was trading at $67,206.28, following a 2.15% rise over the past 24 hours. The community is expecting the asset to soar to a high of $70,000 sooner than later.
Also Read: Bitcoin Hits $67K As Tesla Moves $760 Million Bitcoin