El Salvador: 12% of citizens used Bitcoin for purchases in 2023

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The Central American University José Simeón Cañas of El Salvador has published the results of its Bitcoin survey for 2023. 

What emerged is that 12% of the citizens of El Salvador used BTC during the year for their purchases, but only 6.8% believe that the use of BTC improves their family economy. 

El Salvador and 12% of respondents who used Bitcoin (BTC) in 2023

Bitcoin (BTC) is legal tender in El Salvador since September 2021, but apparently its usage in the country is still low compared to traditional payment methods.

To reveal it was the survey conducted by the Central American University José Simeón Cañas of El Salvador.

And indeed, the survey, conducted in December 2023, involving 1,280 respondents in their homes, revealed that only 12% confirm having used bitcoin for purchases in 2023. 

Specifically, 22% and 20% of the respondents also state to have used it respectively to buy food and to pay at the supermarket. 

Not only that, 2% of Bitcoin users in El Salvador in 2023 claimed to have used it at least 50 times. On the contrary, 18% would have used it only once during the past year. 

El Salvador: the survey on Bitcoin sees only 6% of respondents believe that BTC improves their life

Continuing with the survey results, then, it seems that only 6.8% believe that having BTC as the legal currency in the country, the economies of families will have improved by 2023.  

For 77% of people, having bitcoin as a legal currency does not change their family economy, which remains the same. 

However, this does not deny that only 3% of all respondents stated that they have never used Bitcoin.

Generalizing a bit more, beliefs about BTC seem to be stronger. And in fact, when asked whether Bitcoin as a legal currency has improved or not the country’s economy in 2023, the answers are different. While only 52% declare not to see any changes, 16% see improvements, and 18% see worsenings. 

Bitcoin Bonds in Q1 2024 

While the survey closes in 2023, for this first quarter of 2024 what El Salvador has promised will be the launch of its Bitcoin Bonds.

This bond will aim to finance the construction of the so-called “Bitcoin City” in El Salvador, marking a significant step towards the integration of crypto in the traditional economy. 

At the same time, with the approval of the BTC spot ETF in the USA, El Salvador has declared to have recorded a profit of 13 million dollars from its bet on BTC.