The government of El Salvador has been working hard to encourage the country’s citizens to accept cryptocurrencies, but as a recent CoinGecko research showed, not many people really possess cryptocurrency in El Salvador.
The report, which was released on December 7, reaffirms that El Salvador is the only nation in the world now accepting cryptocurrencies as legal cash. Still, just a tiny portion of its people own Bitcoin at the moment.
“El Salvador still has a relatively low level of Bitcoin adoption despite these progressive measures.”
Out of 6.36 million people, or around 1.72% of the population, El Salvador has 109,175 Bitcoin owners, according to Triple-A data.
El Salvador is also ranked 55th in the world according to the global crypto adoption index. Nonetheless, a number of countries—including those that have outlawed cryptocurrency—are seeing stronger growth rates.
Even though cryptocurrency is illegal in China, a greater proportion of its people are purportedly digital asset owners.
According to the survey, 58 million people, or 4.08% of China’s total population, are known bitcoin owners.
This comes after President Nayib Bukele of El Salvador declared that the nation has invested $131 million in Bitcoin altogether. This turned into a $3.6 million net profit as of December 4th, yielding a total gain of 2.84%.
In the meantime, El Salvador’s government has been stepping up its attempts to boost cryptocurrency investment in the country.
It was claimed on December 8 that the government had launched a new citizenship-by-investment programme, offering resident visas and a path to citizenship to anybody willing to spend $1 million in Bitcoin or Tether domestically.