El Salvador made world headlines with its president’s controversial introduction of Bitcoin (BTC) as legal tender – a move that has sparked dissent from many local citizens and sparked skepticism from the International Monetary Fund. A new survey suggests that despite these developments, most El Salvadorians still know little about the veteran cryptocurrency and even less about its smaller-cap counterparts.
Research by São Paulo-based agency Sherlock Communications suggests that 54% of Salvadoran respondents chose “none” when asked which cryptocurrency they knew best from a list of top five coins.
While 40% chose Bitcoin over other listed cryptos – Ether (ETH), Bitcoin, Dogecoin (DOGE) and EOS – the survey did not seek to probe the level or depth of knowledge these respondents have. of the room. In correspondence with TBEN, Patrick O’Neill, director of Sherlock Communications, said:
“The data we collected in El Salvador made it clear to us that there are very high levels of confusion regarding cryptocurrency, surprising as it may seem given the circumstances.”
Responses to other survey questions corroborate this picture, with 46% of respondents choosing ‘none’ when asked, ‘What would make you feel confident about investing in cryptocurrencies? 18% responded that proper regulation would help them take the leap, with a similar figure (16%) responding that access to more reliable and user-friendly platforms would make a difference.
When asked if a local economic crisis would make them more or less likely to trust crypto, 35% said “less likely” and 28% responded that a budget downturn would make them “much less likely” to trust crypto. ” invest in the asset class. 24% were of the opposite opinion, saying that an economic downturn would make them more interested in crypto. Again, however, more respondents – 41% – said a bad economic climate would make no difference in their relationship with crypto.
Rather than outright hostility or enthusiasm, a plurality of survey respondents – 42% – said recognizing Bitcoin as legal tender was neither a good nor a bad idea. Among the remaining respondents, a total of 31% had a more or less negative view of the move, and 29% more or less positive.
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Neutrality or indifference was again marked in responses to a question regarding the state of crypto in the country, now and in the future. 32% had no opinion on the question, the second largest proportion of responses identifying with the response: “This is a subject that has no future here”.
In a recent coverage of citizen resistance to the government’s new Bitcoin law, a resident told reporters, “We don’t know the currency. We don’t know where it comes from. We don’t know if it’s going to make us a profit or a loss. We don’t know anything. “