According to a new poll, more than half of South Americans welcome Bitcoin as their national currency.

The results were from the survey conducted on the Valor Investe, a monetary schooling website with 2,700 respondents polled from Brazil, Argentina, Colombia, Chile, El Salvador, Costa Rica, Venezuela, and Mexico.

According to the survey, more than half of Brazilians want their country to join El Salvador in legalizing Bitcoin.

“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).”

There are three primary reasons Brazilians look forward to investing 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%).”

Only 12% of individuals surveyed say they are not planning to invest in cryptocurrencies. According to the research, 42% are concerned about safety issues, 37% are concerned about volatility, and 33% are unable to invest in bitcoin markets due to a lack of finances.

Finally, the study reveals that Bitcoin is the country's most well-known digital currency (92%), followed by Ethereum (35%) and Litecoin (30%).

Crypto-friendly policies, limited access to financial institutions, and the threat of inflation in South American countries all contribute to cryptocurrencies' rising acceptability and use. 

Brazil, Mexico, Chile, Argentina, and Colombia were among the top 15 countries with the most digital currency users. As more crypto companies enter the market, the existing South American financial ecosystem will gain from the competition. It will usher in greater financial inclusion and equal possibilities for unbanked and underprivileged populations.

El Salvador, a Central American nation, has recently introduced Bitcoin as a legal tender. For the first time in history, cryptocurrency was placed in a country on a par with fiat currency, like the US dollar. Various countries are keeping a close eye on events that are unfolding in El Salvador. The Bitcoin analysts predict it is only time before neighboring countries follow suit.

Pavan A

CBW - External Analyst

INDIA