7 out of 10 Salvadorans want to repeal the new Bitcoin (BTC) law ๐จ This article is 3 years old...
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7 out of 10 Salvadorans want to repeal the new Bitcoin (BTC) law
The latest survey coming from El Salvador shows that the latest Bitcoin law might not be as popular among Salvadoreans as we might think.
2 min read
Updated: Sep. 3, 2021 at 9:17 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
According to the latest survey from the University Institute of Public Opinion, 7 out of 10 Salvadorans want their political representatives to repeal the newly instated Bitcoin law.
The institute presented the results of its massive, state-wide survey on September 2nd, showing that the law praised by the global crypto community lacks support among the people it actually applies to.
Citizens of El Salvador don’t believe Bitcoin will solve the country’s financial problems
The global crypto community has widely celebrated El Salvador’s newly introduced law, which declares Bitcoin legal tender in the country and equates it with the U.S. Many industry proponents believe President Nayib Bukele’s law will create a precedent that will push other countries to adopt cryptocurrencies as legal means of payment.
However, it seems that the people Bukele’s new law applies to aren’t all too happy about the changes they are about to face.
The Institute of Public Opinion, a non-profit organization from the Josรฉ Simeรณn Caรฑas Central American University, published the results of a state-wide survey yesterday morning analyzing some of the pain points Salvadorans feel.
The survey revealed that 45% of the people believe the main problems in El Salvador are poverty and unemployment. A whopping 67.7% of respondents said that they didn’t believe their situation would be improved by raising the minimum wage.
Furthermore, Salvadorans gave President Nayib Bukele a 7.64 rating, the lowest ever recorded for the 40-year-old since he was elected in 2019.
The lack of support for Bukele has translated into a lack of support for the upcoming Bitcoin law, as well. According to the survey, 7 out of 10 Salvadorans believe that the Bitcoin law should be repelled. Additionally, 20% of the people stated that they didn’t trust Bitcoin.
#ElSalvador | Segรบn encuesta del @IudopUCA, 2 de cada 10 salvadoreรฑos no confรญan en el #Bitcoin. Foto EDH/ J. Guzmรกn. pic.twitter.com/Qu91n9ozmD
— elsalvador.com (@elsalvadorcom) September 2, 2021
Andreu Oliva, the University’s rector, said that the survey revealed that the population was misinformed about Bitcoin and the upcoming law. The misinformation could be what fueled the recent protests that took place in the country’s capital.
However, the country’s massive efforts to bring Bitcoin closer to the masses have the potential to counter the rising anti-crypto sentiment.
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Author 
Andjela Radmilac
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Nayib Armando Bukele Ortez is a Salvadoran politician and businessman who is the 46th and current President of El Salvador.