According to a recent report, crypto enthusiasm in El Salvador lags behind despite the country’s ongoing pro-crypto initiatives.
In spite of the continuous efforts by the government of El Salvador to promote widespread cryptocurrency adoption within the nation, a recent CoinGecko report highlights the limited number of crypto owners in the country.
Published on December 7, the report reiterates that El Salvador stands alone as the only country in the world actively using crypto as legal tender. However, a relatively small percentage of its population currently hold Bitcoin (BTC):
“Despite these progressive measures, Bitcoin adoption in El Salvador remains relatively low.”
According to data from Triple A, approximately 109,175 people own Bitcoin in El Salvador’s population which consists of 6.36 million. This represents approximately 1.72%.
Additionally, El Salvador has been ranked 55th on the global crypto adoption index. However, several nations, including those that have imposed bans on crypto, are experiencing a faster growth rate.
Related: El Salvador launches first Bitcoin mining pool as Volcano Energy partners with Luxor
Despite the ban on crypto in China, a higher percentage of its citizens reportedly own digital assets.
“An estimated 4.08% of the total population in China (or 58 million people) currently owns cryptocurrency,” the report stated.
This follows Salvadoran President Nayib Bukele’s announcement that the country’s combined Bitcoin investments have reached $131 million. As of December 4, this translated to a net profit of $3.6 million, resulting in a total gain of 2.84%.
El Salvador’s #Bitcoin investments are in the black!
After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…
With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb
— Nayib Bukele (@nayibbukele) December 4, 2023
Meanwhile, the government of El Salvador has been bolstering its efforts to increase crypto investment within the nation.
On December 8, it was reported that that the country has initiated a fresh citizenship-by-investment initiative, providing a residency visa and a route to citizenship for individuals prepared to invest $1 million in Bitcoin or Tether within the nation.
Magazine: Lawmakers’ fear and doubt drives proposed crypto regulations in US
