El Salvador’s trailblazing journey to integrate cryptocurrency into its economy is facing a significant challenge, as recent findings reveal a modest uptake among its citizens. Despite being the first and only nation to adopt Bitcoin as legal tender, a mere 1.72% of Salvadorans have embraced the digital currency. This statistic emerges from a detailed analysis by CoinGecko, which underscores the gap between governmental ambition and public adoption.
The report, dated December 7, points to approximately 109,175 Salvadorans holding Bitcoin, out of a population of 6.36 million. This places El Salvador at the 55th position on the global crypto adoption index. Interestingly, this comes at a time when countries like China, despite stringent bans on cryptocurrencies, report a higher engagement rate, with 4.08% of its populace holding digital assets.
In response to these figures, President Nayib Bukele’s administration has not wavered in its crypto-centric policies. The country’s Bitcoin investments have reportedly accrued a net profit of $3.6 million, marking a gain of 2.84% as of December 4. In a bid to bolster these numbers, the Salvadoran government has introduced an innovative citizenship-by-investment program. This initiative promises residency and a path to citizenship for those investing a minimum of $1 million in Bitcoin or Tether.
