70% of the citizens of El Salvador do not support the Bitcoin law and the main reason is not to support it because they do not have knowledge of crypto.
The decision of Nayib Bukele, President of El Salvador, has been hailed and criticized by many, but the citizens of their own country do not fully support the Bitcoin law due to the ignorance of crypto. Here this situation looks dramatic because only Salvadorans support those who know crypto and others not because they don’t understand crypto, even Mr. Nayib Bukele said that there are a number of branches in different places across the country where people can figure out how to deposit and know how to use them in an easy way through the use of Chivo wallet.
Read also: El Salvador’s first Bitcoin commercial advertisement with Chivo Wallet
A last Investigation conducted by the local Central American University (UCA) Public Opinion Institute, found that 70% of the citizens of El Salvador believe President Nayib Bukele should think again about the Bitcoin law and should be repealed.
But here it should be noted that 90% of the respondents admitted that they did not have sufficient knowledge about crypto which is why they believe the Bitcoin law is not going to work better.
The institute said only 7.64% were in favor of Nayib Bukele’s decision, which is the lowest score to date.
The survey also found that 45% of those polled believed unemployment and poverty were necessary issues instead of the bitcoin law. And 43% believe the Bitcoin law will bring the worst situation for the country’s economy.
A survey also found that around 20% of citizens do not know what bitcoin is and 70% admitted that they have very poor knowledge of cryptocurrency.
“In other words, nine out of ten Salvadorans do not have a clear understanding of what this financial asset is.”
A similar survey was also conducted in July 2021, where 20% of Salvadorans supported Nayib Bukele’s decision to adopt bitcoin as legal tender.
Also Read: Shop.com Now Accepts Crypto Payments