Bitcoin’s use as a medium of exchange in El Salvador, the first-ever country to adopt the most popular cryptocurrency as legal tender, appears to be off to a rough start due to an overall lack of trust in bitcoin and the government’s BTC wallet dubbed Chivo, according to a recent survey by the U.S.
And as consumer price inflation reached a 40-year high, that debate has become even more heated, especially as a slew of businesses over the past two years have taken on crypto for a variety of use cases.
40% of all downloads occurred in September of last year and “virtually no downloads have taken place in 2022.” It seems that people were incentivized to download Chivo given the $30 bonus offered by the government, hence the saturated influx of downloads at the onset of the Chivo launch, the NBER explained.
dollar: The survey also indicated that only 5% of company sales were in bitcoin experiment can act as a proxy for other emerging market countries looking to use the crypto as a medium of exchange.