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El Salvador Chamber of Commerce Finds Little Bitcoin (BTC) Adoption



 So far, El Salvador's economy has been very slow in adopting Bitcoin ( BTC ), although the small Central American country made the market-leading cryptocurrency its official currency back in September 2021.


As a new study by the El Salvador Chamber of Commerce shows, only 14% of the 337 companies surveyed stated that they had already made a transaction in BTC since the “ Bitcoin Law ” came into force . Accordingly, more than 90% of the companies are of the opinion that the introduction of the cryptocurrency has not had any significant impact on their sales so far.


71% of the companies surveyed are small companies or sole proprietorships, 13% are classified as medium-sized companies and 16% large companies participated.


While the low level of adoption may seem sobering at first, it is worth noting that El Salvador has had the US dollar as its official currency since 2001 and still does. In contrast to other developing countries, there is no urgency in El Salvador to flee the national currency. Nevertheless, more than 10% of companies have already used Bitcoin, which is at least a small success.


Nayib Bukele, the President of El Salvador, has made Bitcoin the focus of his economic policies, despite influential institutions such as the International Monetary Fund (IMF) and rating agency Moody's opposing the strategy. Jaime Reusche , an analyst at Moody's, warned in January that Bukele's move would jeopardize his country's creditworthiness.



But the prophecies of doom are not deterring El Salvador, with the country's government recently issuing $1 billion worth of bitcoin bonds. The bonds, also known as “ Volcano Bonds ”, are to be used to finance your own Bitcoin City.


As part of the upcoming Bitcoin Conference 2022 in Miami, Bukele plans to announce a “big surprise” next.


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