El Salvador likes President Bukele, but does not care about Bitcoin

Only 7.5% of El Salvadorans have used Bitcoin (BTC) despite the Central American nation’s pioneering adoption of it as a legal tender.

Data acquired through a survey conducted by San Salvador University Francisco Gavidia showed that 92% of respondents admitted to not having ever used Bitcoin. President Nayib Bukele, who led his country’s adoption of Bitcoin, received an average rating of 8.43 out of 10 for his work so far.

Bukele’s approval is primarily attributed to his strongman policies taking El Salvador from being the “murder capital of the world” to one of the world’s safest countries. Survey respondents estimated safety at 8.98 on average, on a scale from 0 to 10.

El Salvador’s Bitcoin adoption

El Salvador adopted Bitcoin as its legal tender under Bukele’s leadership back in 2021 and has received criticism from international financial regulators ever since. Earlier this month, the International Monetary Fund (IMF) urged El Salvador to strengthen its oversight over Bitcoin transactions in the country.

Still, the adoption has been largely working out for the country. In mid-May, data released by the country’s “Bitcoin Office” showed that El Salvador could hold up to 5,750 BTC.

Since 2021, the nation has mined over 465 BTC by harnessing the geothermal power generated from the Tecapa volcano. More recent data shared by the Bitcoin Office shows that El Salvador holds nearly 5,904 BTC — worth over $400 million at the time of writing.

Financially, the country is also making undeniable progress. In mid-September, Bukele announced the nation’s 2025 budget will be debt-free. He said at the time:

“This September 30th, for the first time in decades, we will submit to the Legislative Assembly a proposed national budget that is completely balanced, with no need to issue a single cent of debt for our current expenditure.”

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