states that less than 2% of El Salvador’s population has crypto.

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Despite El Salvador’s government aggressively advocating for broader cryptocurrency diffusion within the country, a recent report from CoinGecko outlines the modest number of crypto holders. The ongoing initiatives by the country, driven predominantly by the government, have not boosted the adoption rate of cryptocurrency at the anticipated pace. The report is a stark reminder of the gap that exists, in spite of potentially favourable conditions made by jurisdiction and technological accessibility.

The CoinGecko report, published on December 7th, underscores that El Salvador is the lone country globally adopting cryptocurrency, specifically Bitcoin, as a recognised legal medium of exchange. Despite this revolutionary move, the number of El Salvadorans who own Bitcoin remains relatively low. According to data from Triple A, only about 109,175 people out of El Salvador’s population of 6.36 million are Bitcoin owners, representing a mere 1.72%. This report raises questions about the effectiveness of creating pro-crypto regulations and the practical challenges of widespread cryptocurrency adoption.

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