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A new survey shows that nearly 50% of Brazilians say they would embrace the adoption of Bitcoin as their official currency.
El Salvador surprised the world when it took the bold step of making Bitcoin the country’s official currency. However, Brazilians also seem to be pretty adventurous.
A survey commissioned by Sherlock Communications shows that 48% of respondents think that Brazil should also adopt bitcoin (31% agree and 17% strongly agree).
In addition to Brazil, the survey reached out to people in Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela and Mexico.
“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. First off, 55% believes it is a safe option to diversify their investment, 38% believes it protects against inflation and financial instability. Lastly, 37% considers it important to follow the latest trends and technologies and put their faith in the blockchain technology.
The survey also highlights that only 12% is 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 simply lack the money to invest.
Lastly, the study shows that Bitcoin is the most well-known crypto asset by Brazilian respondents (92%), followed by Ethereum (31%) and Litecoin (30%).