A new study reveals that almost 50% of one South American country’s residents say they would welcome the adoption of Bitcoin as their official currency.
A survey cited by São Paulo-based financial education website Valor Investe polled 2,700 respondents from Brazil, Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela and Mexico.
[adinserter block="1"]The study shows that nearly half of Brazilians want their country to join El Salvador by recognizing Bitcoin as legal tender.
“Brazilians were the biggest advocates of crypto-recognition in the region, with 56% supporting El Salvador’s approach and 48% saying they want Brazil to adopt it as well… Another 30% neither agree nor disagree and 21% are against the idea (12% disagree and 9% strongly disagree).”
According to the poll, there are three primary factors motivating Brazilians to invest in cryptocurrencies.
“About the main reasons for investing in cryptocurrencies, Brazilians mention: to diversify investments (55%), protect against inflation and financial instability (39%) and follow the technology trend (37%).”
The survey also mentions that only 12% of the residents polled say that they are not looking to invest in cryptocurrencies. Of those who do not consider entering the crypto markets, 42% cite security concerns, 37% bring up volatility and 33% say they lack the money to invest.
Lastly, the study shows that Bitcoin is the most well-known crypto asset in the country (92%), followed by Ethereum (31%) and Litecoin (30%).
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