According to the research conducted by the José Simeón Cañas Central American University, the use of Bitcoin in El Salvador in 2023 has experienced a significant contraction compared to 2022.
A recent survey conducted by the José Simeón Cañas Central American University reveals a decline in the use of Bitcoin in El Salvador. According to the study, only 12% of Salvadorans used Bitcoin to purchase goods or services in 2023, compared to the 24.4% recorded in 2022.
According to the data reported by the research, in the past year, 49.7% of respondents claimed to have made 1 to 3 transactions, while 20% stated they had made 10 or more transactions.
22.9% of the participants reported using Bitcoin at grocery stores, while 20.9% used it at supermarkets. 15% of the participants stated that they had conducted transactions at veterinary clinics.
Improvement in living conditions
In 2023, 6.8% of the participants reported an improvement in their family’s living conditions compared to the previous year. In 2022, this percentage stood at 3%.
Despite this data, 93.2% of the participants do not attribute any personal progress to the use of Bitcoin.
Finally, a mere 0.5% of the participants believe that Bitcoin has contributed to the progress of the national economy, while the majority of participants, 34.3%, attribute the alleged improvement in the economy to a reduction in criminal activities in the country.
El Salvador’s Bitcoin investment
According to data provided by Nayibtracker, El Salvador is currently experiencing a loss of approximately $5 million from the initial investment. The country began purchasing the first 700 bitcoin in September 2021 at an average price ranging between $47,250 and $52,670 per bitcoin.
According to the current information, the country holds a total of 2,811 bitcoin in its reserves.
