El Salvador’s Wild Bitcoin Experiment Is Crumbling — Bombshell Study Reveals ⋆ ZyCrypto - BitcoinEthereumNews.com
A recent survey released by the National Bureau of Economic Research (NBER) reported that bitcoin has not been well received in El Salvador. Eight months since El Salvadors Bitcoin law came into effect, the adoption of the benchmark cryptocurrency remains patchy. El Salvador‘s Wild Bitcoin Experiment Is ’Crumbling 2021 turned out to be historic for bitcoin after El Salvador became the first sovereign state to make bitcoin legal tender. This bold move was commended by the crypto community globally but was also harshly criticized by others. Domestic residents are also unenthusiastic. According to NBER का अध्ययन, 60% of the citizens did not bother to download the state-run Chivo wallet despite the majority of them owning smartphones with internet access. Over 60% of the respondents that downloaded the bug-riddled wallet, ended up abandoning it after spending the $30 airdrop in BTC. Salvadoran President Nayib Bukele has previously argued that bitcoin will boost financial inclusion by providing unbanked people access to financial services and significantly reducing transaction costs for cross-border payments like remittances. However, the report notes that 89% of Salvadorans have never received international payments using the national crypto app, with only 3% of the respondents having received them in bitcoin. Moreover, the majority of El