Despite the El Salvador government's continuous efforts to encourage widespread cryptocurrency adoption in the country, a recent CoinGecko report points out the limited number of crypto owners in the country.
The report, published on December 7, reiterates that El Salvador is the only country in the world that actively uses cryptocurrencies as legal tender. However, a relatively small percentage of the population currently owns Bitcoin (BTC):
“Despite these progressive measures, Bitcoin adoption in El Salvador remains relatively low.”
According to data from Triple A, about 109,175 people own Bitcoin in the population of El Salvador, which consists of 6.36 million people. This corresponds to approximately 1.72%.
Additionally, El Salvador ranks 55th in the global crypto adoption index. However, several countries, including those that have imposed crypto bans, are experiencing a faster growth rate.
Related: El Salvador launches first Bitcoin mining pool as Volcano Energy partners with Luxor
Despite China's crypto ban, a higher percentage of its citizens reportedly own digital assets.
“An estimated 4.08% of the total population in China (or 58 million people) currently own cryptocurrencies,” the report said.
This follows Salvadoran President Nayib Bukele's announcement that the country's total Bitcoin investments have reached $131 million. As of December 4, this represented a net profit of $3.6 million, for a total profit of 2.84%.
El Salvador's #Bitcoin Investments Are in the Black!
After literally thousands of articles and headlines ridiculing our alleged losses, all calculated based on #Bitcoin's market price at the time…
If we were to sell given the current #Bitcoin market price… pic.twitter.com/gvl2GfQMfb
– Nayib Bukele (@nayibbukele) December 4, 2023
Meanwhile, the government of El Salvador is increasing its efforts to increase crypto investments in the country.
On December 8, it was reported that the country has launched a new Citizenship by Investment initiative, providing a residency visa and a path to citizenship for individuals willing to invest $1 million in Bitcoin or Tether in the country.
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