El Salvador made world headlines by presenting its controversial president Bitcoin (BTC) as legal tender – a move that has met with opposition from many residents and has been met with skepticism from the International Monetary Fund. Despite this development, new research shows that most El Salvadorians still know little about older cryptocurrencies and even less about their smaller market counterparts.
A study by Sherlock Communications from São Paulo shows that 54% of respondents from El Salvador said no when asked which cryptocurrency they know best from a list of the top five currencies.
While 40% preferred bitcoin to the other listed cryptocurrencies – ether (ETH), bitcoin, dogecoin (DOGE) and EOS – the survey did not attempt to test the level or depth of knowledge of these respondents about the currency. In correspondence with Cointelegraph, Patrick O’Neill, director of communications for Sherlock, commented:
“The data we have collected from El Salvador has shown us that there is a very high level of confusion about cryptocurrency, and it is surprising that under the circumstances it can arise.”
Answers to other survey questions confirm this picture: 46% of respondents answered “no” to the question: “What gives you confidence in investing in cryptocurrency?” Eighteen percent responded that proper regulation would help them make the leap, while a similar number (16%) responded that access to more reliable and user-friendly platforms would make the difference.
When asked if the internal economic crisis would make them more or less rely on cryptocurrencies, 35% answered “less likely”, and 28% answered that the economic downturn would make them “less likely” to invest in this asset class. 24% were of the opposite opinion and said the economic downturn would boost their interest in cryptocurrencies. However, once again, several respondents – 41% – said the poor economic climate would not affect cryptocurrencies.
Instead of outright hostility or enthusiasm, a large number of respondents – 42% – said that it was neither a good nor a bad idea to recognize bitcoin as legal tender. Among the rest of the respondents, 31% of the respondents had a somewhat negative attitude to the step, and 29% – more or less negatively.
Related Topics: El Salvador Issues Bitcoins and Buys 150 Bitcoins
Neutrality or indifference is again emphasized in responses to the question about the state of cryptocurrency in the country now and in the future. 32 Persen did not have a say on this, and the second largest response rate limited the answer: “This is a topic that has no future here.”
In a recent report on citizens’ disagreement with the government’s new bitcoin law, a local told reporters, “We don’t know the currency. We don’t know where it came from. We do not know if it will make us profit or lose. We don’t know anything. “