On June 8, 2025, El Salvador made global headlines by officially passing the Bitcoin Law, making the cryptocurrency legal tender alongside the U.S. dollar. While the move marks a bold step toward financial innovation, it has also sparked widespread uncertainty among both business owners and everyday consumers. In response, the Salvadoran Chamber of Commerce and Industry conducted a rapid survey targeting its members, entrepreneurs, and general citizens to gauge sentiment around the new policy.
Presented during a press conference on June 16, the findings reveal deep-rooted concerns about Bitcoin’s mandatory use, volatility, and lack of public understanding—highlighting the urgent need for education and inclusive policymaking.
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Survey Methodology and Participant Demographics
The survey collected over 1,600 responses within just four days—an overwhelming turnout that underscores how critically Salvadorans view the implications of this economic shift. Jorge Hasbún, President of the Chamber, emphasized that the high engagement reflects the population's concern about how Bitcoin will affect household finances and daily economic life.
Participants were drawn from the Chamber’s network of business members and attendees of its virtual events. Of those who responded:
- 43% identified as entrepreneurs
- 57% were non-business individuals, including employees, retirees, and independent workers
This balanced representation provides valuable insight into both commercial operations and consumer behavior in the face of sweeping financial reform.
Business Sector Reactions: Caution and Resistance
Among entrepreneurs, 77.3% operate micro or small enterprises, while 22.7% represent medium to large businesses—a crucial distinction, as smaller firms often have fewer resources to adapt to regulatory changes.
Despite the government’s push for rapid adoption, 96.4% of business owners expressed a clear preference for optional Bitcoin usage, opposing its mandatory status. This resistance stems from several key concerns:
- 45.3% are worried about the obligation to accept Bitcoin
- 35.9% report distrust in the cryptocurrency due to its unpredictable nature
These sentiments reflect broader economic principles: autonomy in financial transactions and risk management. For small business owners especially, forced adoption introduces operational uncertainty without clear benefits.
Financial Behavior Post-Bitcoin Payment
When asked what they would do upon receiving Bitcoin payments, 51.6% said they would immediately convert it into U.S. dollars for daily expenses. This behavior suggests that rather than embracing Bitcoin as a long-term store of value or medium of exchange, most businesses see it as a temporary transactional instrument—one they wish to exit quickly to avoid exposure to price swings.
Economic Impact Expectations
Entrepreneurs were also asked to predict the broader economic outcomes of Bitcoin adoption:
- Only 10.9% believe it will attract foreign investment
- 16.6% expect no significant change
- A striking 47.8% believe Bitcoin will neither boost investment nor create jobs, nor improve overall economic conditions
This skepticism highlights a gap between governmental optimism and private-sector realism. Without tangible incentives or infrastructure support, many entrepreneurs remain unconvinced that Bitcoin will deliver on its promised economic transformation.
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Top Concerns: Volatility and Lack of Understanding
Two recurring themes dominated business feedback:
- Fear of price volatility: Cryptocurrency values can fluctuate dramatically within hours, posing risks for inventory pricing, payroll planning, and profit margins.
- Limited technical knowledge: Many entrepreneurs admitted they don’t fully understand how Bitcoin works—particularly wallet management, transaction verification, or security protocols.
Without accessible training programs and stable conversion mechanisms, these knowledge gaps could hinder compliance and increase vulnerability to fraud or technical errors.
Consumer Sentiment: Distrust and Disinterest
Outside the business community, general citizens showed similarly low levels of enthusiasm.
When asked whether they agree with mandatory Bitcoin use, 92% disagreed, emphasizing their desire for choice in payment methods—a fundamental aspect of financial freedom.
Public Perception of Bitcoin for Daily Transactions
Regarding using Bitcoin for buying goods and services:
- 36% said it worries them
- 39% expressed distrust
- Only 3.5% felt hopeful about its potential
Such figures indicate a significant confidence deficit. For a national rollout to succeed, trust must be built through transparency, consistent messaging, and demonstrable benefits.
Salary and Remittance Preferences
One of the most telling findings involved income preferences:
- 93.2% do not want to receive their salaries in Bitcoin
- 82.5% are uninterested in receiving remittances via cryptocurrency
Given that remittances account for nearly 25% of El Salvador’s GDP, this resistance could undermine one of the primary justifications for adopting Bitcoin: reducing transfer costs and increasing financial inclusion.
The reasons cited mirror those of business owners—lack of understanding and fear of volatility—proving that education is not just beneficial but essential.
The Need for Inclusive Policy Development
Carmen Irene Alas, Vice President of the Chamber, stressed that making Bitcoin mandatory infringes on economic liberty—a core principle for private enterprise advocates. She called for an interdisciplinary task force to develop the implementing regulations, ensuring diverse voices are included in shaping the framework.
“Public policy must be built through broad, participatory consultation,” Alas stated, urging authorities to engage stakeholders before finalizing operational rules.
This call aligns with global best practices in regulatory design: inclusive dialogue leads to more resilient, adaptable policies that reflect real-world needs.
Moving Forward: Education Over Enforcement
The survey remains open through June 2025, allowing officials to track evolving public sentiment as implementation nears. However, current data makes one thing clear: success hinges not on enforcement, but on empowerment.
To ensure a smooth transition:
- Comprehensive financial literacy campaigns should be launched nationwide
- User-friendly platforms must simplify wallet setup and transactions
- Real-time conversion tools should minimize exposure to market swings
- Regulatory clarity must protect consumers and businesses alike
Only by addressing these foundational issues can El Salvador hope to turn skepticism into acceptance—and experimentation into sustainable innovation.
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Frequently Asked Questions (FAQ)
Q: Is it mandatory for all businesses in El Salvador to accept Bitcoin?
A: Yes, under the new law, all businesses capable of processing electronic transactions must accept Bitcoin as legal tender if offered by a customer.
Q: Can businesses convert Bitcoin payments to U.S. dollars immediately?
A: Yes—businesses can use government-provided tools or third-party services to instantly convert Bitcoin into dollars to avoid volatility risks.
Q: Why are people afraid of receiving salaries in Bitcoin?
A: Mainly due to its price volatility and lack of understanding about digital wallets and transaction security.
Q: Will using Bitcoin reduce remittance fees in El Salvador?
A: In theory, yes—but only if users adopt direct peer-to-peer transfers without intermediaries; many current services still charge fees despite the blockchain advantage.
Q: How can citizens learn more about using Bitcoin safely?
A: The government has launched educational initiatives, but independent learning through secure platforms is also recommended for deeper understanding.
Q: Does widespread opposition mean the Bitcoin law might be reversed?
A: While public resistance is strong, there has been no official indication of repeal; however, regulatory adjustments based on feedback remain possible.
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