Despite the government of El Salvador’s continuous endeavors to foster widespread cryptocurrency adoption within its borders, a recent report from CoinGecko has shed light on the limited number of cryptocurrency owners in the nation.
The report, released on December 7, reiterates that El Salvador remains the only country in the world actively using cryptocurrencies as legal tender, specifically Bitcoin.
However, it reveals that only a relatively small percentage of its population currently holds Bitcoin.
According to data sourced from Triple-A, approximately 109,175 individuals own Bitcoin in El Salvador, a number that pales in comparison to the nation’s total population of 6.36 million, representing approximately 1.72% of the populace.
This statistic highlights the challenges the country faces in achieving widespread cryptocurrency adoption, despite its groundbreaking legislative efforts.
Furthermore, El Salvador finds itself ranked 55th on the global cryptocurrency adoption index. Surprisingly, even countries that have imposed bans on cryptocurrencies are witnessing a faster growth rate in terms of ownership.
In a stark contrast, China, which has implemented a ban on cryptocurrencies, reports a higher percentage of its citizens owning digital assets.
The CoinGecko report suggests that an estimated 4.08% of China’s total population, equivalent to 58 million people, currently own cryptocurrencies.
READ MORE: Binance Founder CZ Zhao Ordered to Stay in U.S. Until Sentencing in Money Laundering Case
This discrepancy underscores the disparities in cryptocurrency ownership and adoption between these two nations.
Salvadoran President Nayib Bukele recently announced that the country’s combined Bitcoin investments have reached $131 million.
As of December 4, this translated to a net profit of $3.6 million, resulting in a total gain of 2.84%.
These numbers highlight the potential for growth and financial benefits associated with cryptocurrency investments, despite the relatively low ownership rates.
Meanwhile, the government of El Salvador remains committed to bolstering efforts to increase cryptocurrency investment within the nation.
On December 8, reports emerged of a fresh citizenship-by-investment initiative launched by the country.
This initiative offers a residency visa and a path to citizenship for individuals willing to invest $1 million in Bitcoin or Tether within El Salvador’s borders.
This move underscores the government’s determination to promote cryptocurrency adoption and attract investment, even as ownership rates continue to lag behind their expectations.
Discover the Crypto Intelligence Blockchain Council
