Businesses does not seem to be catching up
According to the latest survey by the Salvadoran Chamber of Commerce, businesses in the Central American country of El Salvador have so far been slow to expand their Bitcoin (BTC) acceptance capabilities. El Salvador is the first country in the world to make Bitcoin legal tender as of September 2021.
According to a fresh survey of 337 companies, only 14% of businesses said they have already accepted some payments in bitcoin. At the same time, more than 90% of companies say that the ability to accept Bitcoin as payment has had little impact on their business.
71% of the companies participating in the survey belong to the category of micro or small businesses, 13% were categorized as medium-sized businesses, and 16% of the companies can be classified as large companies.
While the low adoption rate of Bitcoin may seem like a setback at first glance, El Salvador has been on the U.S. dollar standard since 2001. Unlike other emerging economies, its main currency is not as susceptible to exchange rate volatility. Even in this environment, only one in ten businesses use bitcoin after 5 months (since bitcoin’s enactment as a payment medium).
The actual adoption of Bitcoin use in El Salvador may not be going quite as planned, but the country is sticking to a long-term strategy of supporting new infrastructure with Bitcoin. The most ambitious plan is to build Bitcoin City, which would be aided by the $1 billion Bitcoin bond announced late year.
In addition, El Salvador’s President Nayib Bukele promises to have another big “bitcoin surprise” in store for Salvadorans. It should be announced during the upcoming bitcoin conference in sunny Miami, which will take place between April 6th and 9th. At last year’s one, it was announced that El Salvador would be the first country in the world to make Bitcoin legal tender.