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40% of Salvadorians are familiar with Bitcoin, says study

Nine percent of the respondents said they are familiar with Ethereum (ETH), 8 percent chose Litecoin (LTC), 5 percent chose Dogecoin, and 1 percent chose EOS.

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Thu, 23 Sep 2021, 14:04 pm UTC

El Salvador made headlines as the first country to adopt Bitcoin as legal tender. While the move spurred debates between critics and supporters of crypto adoption, a new survey suggests that most of the country’s citizens might not be very familiar with BTC, Ethereum (ETH), and other cryptos at all.

In fact, a majority of Salvadorians are not familiar with any crypto at all based on research conducted by São Paulo-based agency Sherlock Communications. When asked which crypto they know best from a list of five of the world’s major cryptocurrencies, 54 percent of the survey’s respondents chose “none,” according to Cointelegraph.

However, the study also revealed that 40 percent of Salvadorians are familiar with Bitcoin. Nine percent of the respondents said they are familiar with Ethereum (ETH), 8 percent chose Litecoin (LTC), 5 percent chose Dogecoin, and 1 percent chose EOS.

The survey also asked participants what would make them confident to invest in crypto. Eighteen percent chose proper regulation while 16 percent said that access to user-friendly and reliable platforms would make them take the plunge. Surprisingly, 46 percent chose “none,” which means that they’re not planning to invest in crypto at the moment.

The study also tried to gauge the impact of a local economic crisis on trust in crypto. Thirty-five percent said that they are “less likely” to trust crypto during an economic downturn while 28 percent said such a situation would make them “much less likely” to invest in crypto.

However, almost a quarter (24 percent) of the respondents said that would become more interested in crypto during an economic crisis. Meanwhile, 41 percent said that local economic conditions won’t change their attitudes towards digital currencies.

“The data we collected from El Salvador made it very clear to us that there are very high levels of confusion regarding cryptocurrency, surprisingly as this may seem, given the circumstance,” Sherlock Communications director Patrick O’Neill said.

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