In September 2021, a law came into force in El Salvador recognizing bitcoin as a legal means of payment. The initiator of its adoption was the President of the country Nayib Bukele.
After that, the authorities of El Salvador periodically entered the market to purchase cryptocurrency to replenish reserves. However, the population of the Latin American state does not support such government policy.
According to the majority of Salvadorans, the administration of Nayib Bukele has no right to spend public funds on the purchase of bitcoins.
The University of Central America (UCA) surveyed citizens of the country and found that 77.1% of them believe that the authorities should immediately stop spending public money on investing in BTC.
75.6% of survey participants said they did not use bitcoin to pay for goods and services this year.
65.5% of respondents claim that El Salvador's ambitious plans to develop a cryptocurrency infrastructure have failed.
According to the latest data, 2381 BTC are under the control of the country's authorities, and they do not plan to sell the accumulated cryptocurrency despite the fall in its value.