Amid falling cryptocurrency markets, Salvadoran authorities purchased 410 BTC to replenish the state Bitcoin fund. However, citizens assess this initiative by the authorities rather negatively.
The president of El Salvador, Nayib Bukele, announced the purchase of 410 BTC by Bitcoin Trust. The transaction amounted to $15 million. 1.651 BTC are now stored in the fund’s accounts.
The Salvadoran government took advantage of the “buy the fear, sell the greed” principle credited to Warren Buffett. Still, Bitcoin acceptance among the country’s citizens is very weak. According to a study by UCA El Salvador, only 27.3% of Salvadorans trust the first cryptocurrency, of which 14.1% fully trust it, and 13.2% partially trust it. At the same time, 35% do not trust Bitcoin, and 22% do not know what it is at all.
In addition, the vast majority of respondents believe that the legalization of Bitcoin contributes to the enrichment of only wealthy individuals. Overall, 60% of respondents doubt that the legalization of cryptocurrency has in any way helped the country’s economic state. A total of 1.298 Salvadoran residents took part in the survey.
Recall that by Monday morning, the price of Bitcoin (BTC) was close to $33.000, dragging the whole market.
