Bitcoin Rollout in El Salvador Looks Like a Bust, Survey Finds

April 26, 2022, 2:50 PM

Bitcoin is struggling to gain traction in El Salvador — the first country to accept it as legal tender — after many Salvadorans stopped using the government’s Bitcoin wallet known as Chivo and only a tiny fraction reported using it for remittances, taxes and daily purchases.

A survey by the U.S. National Bureau of Economic Research in partnership with Cid Gallup found that only 20% of respondents in El Salvador continued using the Chivo wallet after downloading it and spending the initial $30 signup bonus. Most downloads occurred last September, when Bitcoin was first authorized for use in El Salvador …