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48 percent Of Brazilians Want To Make Bitcoin a Legal Currency

According to local news outlet Valor Investe, a study conducted by Sherlock Communications using the research platform Toluna indicated that 48 percent of Brazilians want Bitcoin adoption, with 31 percent agreeing and 17 percent strongly agreeing. The study included persons from Argentina, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico, in addition to Brazilians.

“In the area, Brazilians were the most supportive of bitcoin recognition, with 56 percent approving El Salvador’s approach and 48 percent indicating they want Brazil to follow suit,” according to the research. When questioned about the state of cryptocurrencies in Brazil, 31 percent of respondents thought the country is making progress, while 35 percent claimed the South American country is still lagging behind other countries. Furthermore, 23 percent of those polled believe there will be many more Bitcoin users in the future, while only 4% believe it has no future in Brazil.

Brazilians invest in Bitcoin primarily as an investment diversifier, according to the report, with roughly 55 percent of respondents doing so. With 39 percent of Brazilians, protection from inflation and economic instability came in second. On the other side, 37 percent of respondents stated they buy BTC and cryptocurrencies to stay current with technical advancements, and 92 percent of those polled are familiar with Bitcoin, compared to only 31 percent with Ethereum.

The report noted that there are over 1.4 million Bitcoin and cryptocurrency users in Brazil, as well as 21 BTC ATMs and that Bitcoin exchange-traded funds “enable people to invest in a controlled method, allowing more cautious investors to dabble with the cryptocurrency.”

According to Luiz Eduardo Abreu Haddad, a consultant for Sherlock, the Latin American bitcoin market continues to grow, a trend he believes will continue in the coming years. “Friendlier regulation in Brazil has drawn institutional investors and companies into the sector,” he said. “El Salvador’s experiment could serve as a model for other Latin American governments looking to integrate blockchain and cryptocurrencies into their economies and improve their inhabitants’ well-being.”

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Also, read: States are competing to become the best BTC mining place

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