On June 8, 2025, El Salvador made global headlines by officially adopting Bitcoin as legal tender through the passage of the Bitcoin Law in the Legislative Assembly. While the move marks a bold step toward financial innovation, it has sparked widespread uncertainty among both entrepreneurs and everyday citizens. In response, the Chamber of Commerce and Industry of El Salvador conducted a rapid survey of its members, business leaders, and general consumers to assess public sentiment and expectations surrounding the cryptocurrency’s implementation.
Presented during a press conference on June 16, the findings revealed deep-seated concerns about economic stability, personal financial security, and the mandatory nature of Bitcoin usage. With over 1,600 responses collected in just four days, the overwhelming participation underscores how urgently this issue resonates with Salvadorans.
Key Findings from Business Owners
Among surveyed entrepreneurs, 77.3% identified as micro or small enterprises, while 22.7% were medium to large businesses—highlighting that the backbone of the national economy consists largely of small operators who are especially vulnerable to policy shifts.
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A staggering 96.4% of business owners expressed a preference for optional Bitcoin use, opposing its mandatory status. This resistance stems primarily from two major concerns: volatility and lack of understanding about how cryptocurrency works.
- 45.3% of entrepreneurs worry about being forced to transact in Bitcoin.
- 35.9% admitted they distrust the digital currency altogether.
When asked what they would do upon receiving Bitcoin payments, 51.6% said they would immediately convert it into U.S. dollars for daily operational expenses—a clear indication that confidence in Bitcoin as a stable medium of exchange remains low.
Economic Impact Expectations
Businesses also shared their outlook on broader economic outcomes:
- Only 10.9% believe the adoption will attract foreign investment.
- 16.6% expect no significant change.
- A majority (47.8%) are pessimistic, stating that Bitcoin will not bring investment, create jobs, or improve the economy.
These figures reflect a skeptical business community that sees limited upside and considerable risk in the government's financial experiment.
“The urgency reflected in our survey results shows how critical it is for families and businesses to understand what this means for their daily lives,” said Jorge Hasbún, President of the Chamber of Commerce.
Public Sentiment Among Non-Business Citizens
The concerns aren’t limited to entrepreneurs. Ordinary citizens—who make up 57% of respondents—also voiced strong reservations.
When asked whether they agree with mandatory Bitcoin use, 92% said no, emphasizing their desire for choice in financial transactions.
Regarding everyday use for buying and selling goods:
- 36% said they are worried.
- 39% admitted feeling distrustful.
- Just 3.5% expressed hope or optimism.
This lack of confidence extends directly to income and remittances—critical lifelines in El Salvador’s dollar-based economy.
- 93.2% do not want to receive their salaries in Bitcoin.
- 82.5% are uninterested in receiving remittances via cryptocurrency.
Again, the reasons cited were consistent: lack of knowledge about how Bitcoin functions and fear of price fluctuations that could erode purchasing power overnight.
Why Education and Choice Matter
The survey results paint a clear picture: while innovation can drive progress, its success depends on public trust, transparency, and inclusion.
Carmen Irene Alas, Vice President of the Chamber, stressed that mandatory adoption threatens economic freedom—a core principle for private sector stakeholders.
“It will be essential to conduct broad consultations with an interdisciplinary group representing all affected sectors when drafting the regulations to implement this law,” she stated.
She further emphasized that future public policies must be built on participatory dialogue—not top-down mandates—to ensure sustainable and equitable outcomes.
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The chamber continues to keep the survey open through June 2025, aiming to track evolving attitudes as implementation draws closer. Officials have pledged to provide training and information, but many remain unconvinced that these efforts will be sufficient or timely enough.
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Frequently Asked Questions (FAQ)
Why are Salvadoran businesses worried about Bitcoin?
Many small and medium enterprises fear the volatility of Bitcoin and lack clarity on how to manage it operationally. Since most business costs—like rent, utilities, and imports—are priced in U.S. dollars, receiving payment in a fluctuating asset introduces financial risk.
Is Bitcoin truly mandatory in El Salvador?
Yes. Under the new law, all businesses must accept Bitcoin if the customer chooses to pay with it, unless they lack the technological capability to do so. However, most prefer it remain optional due to uncertainty and conversion risks.
Can people refuse to receive wages in Bitcoin?
While employers may offer salaries in Bitcoin, workers cannot be forced to accept them exclusively in crypto. Most employees still prefer U.S. dollars for stability, and surveys show strong resistance to being paid in digital currency.
How does Bitcoin affect remittances?
In theory, Bitcoin could reduce transfer fees and speed up cross-border payments. But due to price swings and limited user familiarity, most recipients still favor traditional dollar-based channels like mobile wallets or cash pickup services.
What steps is the government taking to educate citizens?
The government plans to roll out educational campaigns and launch a national digital wallet (Chivo Wallet). However, critics argue these efforts are insufficient given the complexity of blockchain technology and the pace of implementation.
Could this policy impact El Salvador’s economy long-term?
The long-term effects remain uncertain. If adoption succeeds with proper safeguards, it could position El Salvador as a fintech pioneer. But without public trust and clear regulation, risks include inflationary pressure, capital flight, and reduced investor confidence.
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Final Thoughts
El Salvador’s Bitcoin experiment is one of the most ambitious economic reforms in modern history. Yet early data suggests a disconnect between policy ambition and public readiness.
For true success, adoption must be paired with comprehensive financial education, voluntary participation, and robust consumer protections. Without these pillars, even the most innovative initiatives risk alienating the very people they aim to empower.
As June progresses and implementation nears, ongoing dialogue between government, businesses, and citizens will be crucial—not only for economic stability but for preserving trust in national institutions during a time of rapid change.