El Salvador's Crypto Adoption Remains Limited, CoinGecko Report Shows

El Salvador's Crypto Adoption Remains Limited, CoinGecko Report Shows
courtesy of cointelegraph.com

Low Bitcoin Ownership in El Salvador Despite Government Efforts

Despite the government of El Salvador's continuous efforts to promote cryptocurrency adoption, a recent report by CoinGecko reveals that the number of crypto owners in the country remains limited. El Salvador is the only country in the world that actively uses crypto as legal tender, but only a small percentage of its population currently holds Bitcoin (BTC).

Small Percentage of Population Owns Bitcoin

Data from Triple A shows that approximately 1.72% of El Salvador's population, which consists of 6.36 million people, owns Bitcoin. This amounts to approximately 109,175 individuals. The report highlights that despite progressive measures, Bitcoin adoption in the country remains relatively low.

El Salvador Ranks 55th in Global Crypto Adoption Index

El Salvador is ranked 55th in the global crypto adoption index. However, other nations, including those that have imposed bans on crypto, are experiencing faster growth rates. For example, an estimated 4.08% of the total population in China, equivalent to 58 million people, currently owns cryptocurrency.

Government's Efforts to Boost Crypto Investment

The government of El Salvador is making efforts to increase crypto investment within the nation. President Nayib Bukele recently announced that the country's combined Bitcoin investments have reached $131 million, resulting in a net profit of $3.6 million. The government has also initiated a citizenship-by-investment initiative, offering residency visas and a route to citizenship for individuals willing to invest $1 million in Bitcoin or Tether within the country.

Magazine: Lawmakers' fear and doubt drives proposed crypto regulations in US