Study Reveals 12% of Salvadorans Used Bitcoin for Purchases in 2023

In 2023, 12% of Salvadorans used the leading cryptocurrency to pay for goods and services at least once, according to a survey by the Central American University José Simeón Cañas.

Among those who used bitcoin as a payment method, 49.7% did so only one to three times, while 20% of respondents used it more than ten times throughout the year.

The primary spending categories in bitcoin were grocery stores (22.9%), supermarkets (20.9%), and veterinary clinics (15%).

The study was conducted in December 2023 among 1,280 respondents.

A survey by the same university in the autumn of 2022 indicated that 24.4% of Salvadorans had used bitcoin for purchases in the previous 12 months. Since then, the figure has halved.

Only 0.5% of respondents noted that the leading cryptocurrency contributed to economic improvement.

Earlier, El Salvador’s Vice President Félix Ulloa stated that the legalization of bitcoin in 2021 was a crucial element in the country’s crisis recovery. According to him, the anti-gang program and digital gold were significant factors in the onset of a tourism boom.

In December 2023, El Salvador introduced the “Bitcoin Freedom Visa.” Under the program, the country offers residency and the opportunity to obtain citizenship for investments of $1 million through BTC or USDT.

In the same month, the Digital Assets Commission of El Salvador approved the issuance of Volcano Bond bitcoin bonds in the first quarter of 2024.