El Salvador Businesses Are Not Using Bitcoin
Businesses in El Salvador do not seem to be in the hurry to use Bitcoin for settlements in spite of the fact that Bitcoin became legal tender in the country 6 months ago.
El Salvador’s Chamber of Commerce has surveyed local companies and shared the results of the study with the general public.
The survey involved 337 local companies and was conducted between January 15 and February 9. The vast majority (71%) of respondents were small businesses, 13% were midsize companies and 16% were large firms.
90% of respondents noted the recognition of Bitcoin as an official means of payment had little effect on the sale of goods. 14% admitted to making transactions with Bitcoins. At first glance, the results of the survey turned out to be disappointing for the supporters of the crypto, however, the dependence on the US dollar is starting to decline, and this may be useful for El Salvador, where the dollar has been the official currency since 2001.
In February, Salvadoran President Nayib Bukele boasted that the country showed double-digit GDP growth, exports in January 2022 increased by 13.7% compared to January 2021. And according to the Minister of Tourism of El Salvador Morena Valdez, the tourism industry in El Salvador has grown more than 30% since the adoption of the Bitcoin law in September 2021. Such an example inspires politicians from other countries and, perhaps, in 2022, as Bukele predicted, two more countries will accept Bitcoin as a means of payment.
