Us Bureau of Economic Research: El Salvador's Bitcoin experiment headed for failure 80% of businesses reject BTC

the largest economic research organization in the United States, the National Bureau of Economic Research (NBER) recently released a research survey report pointed out that although El Salvador has recognized Bitcoin as legal currency for more than seven months, but bitcoin is not at all popular in El Salvador, To date, 32% of Salvadoran respondents are still unaware of Chivo, the cryptocurrency wallet launched by the Salvadoran government. As a marketing tool, the Salvadoran government hands out $30 worth of Bitcoin to people who download Chivo wallets, but the survey of 1,800 Salvadoran households found that A whopping 60.66% of respondents stopped using Chivo after receiving the reward, while only 39.34% continued to use Chivo. Even more surprisingly, 95 percent of respondents said they had never used a Chivo wallet to pay taxes, while only 5 percent did; A whopping 89 percent said they had never used Chivo to receive money, while only 8 percent used Chivo to receive bitcoin and 3 percent used Chivo to receive DOLLARS.

in terms of changes in cash and credit card usage, the survey found that after downloading Chivo, up to 70% of respondents said they used cash the same as before, and only 20% said they used cash less. Another 10% represents increased usage; A whopping 83 percent of respondents said they were using their credit cards the same, while only 14 percent said they were using them less and 3 percent said they were using them more. As for the acceptance of

, up to 80% of Salvadoran enterprises still do not accept Bitcoin payment, only 15% of enterprises support it, and 5% of enterprises say they may support it in the future. In addition, only 12 percent of businesses keep bitcoin after receiving payment, 17 percent convert bitcoin into DOLLARS, and 71 percent convert bitcoin first into dollars and then into cash. In the report, the NATIONAL Bureau of Economic Research concluded that while the majority of Salvadoran citizens have internet-enabled mobile phones, But bitcoin is not widely used as a medium of exchange. Less than 60% of Salvadoran citizens have downloaded Chivo, and only 20% of them continue to use Chivo after spending the $30 registration bonus. The U.S. National Bureau of Economic Research noted that only 5 percent of citizens use Bitcoin to pay their taxes, 20 percent of companies (mostly large ones) accept bitcoin, 11.4 percent of companies said support for bitcoin sales had a positive impact, and in the first quarter of this year, There was little new growth in bitcoin adoption in El Salvador, Chivo's share of bitcoin remittances is at its lowest since its launch, highlighting the challenges el Salvador is facing in bitcoin adoption.