48% of Brazilians are in favor of adopting Bitcoin as a currency, according to a study

The cryptocurrency market has never been as popular as it is now, and according to a survey, 45% of Brazilians believe that Brazil should adopt Bitcoin as its currency. The survey was commissioned by Sherlock Comunicações.

  • El Salvador is the first country to adopt Bitcoin as its legal currency
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  • Cryptocurrency Ethereum has a historic high and exceeds US$ 3.97

The study, called Blockchain LATAM Report, heard 2.2020 people, with more than 18 years, from eight Latin American countries: Brazil, Argentina, Chile, Colombia, Costa Rica, El Salvador , Venezuela and Mexico. The questionnaire was conducted through an online panel on the Toluna platform, and was multiple choice.

45% of respondents think that Brazil should adopt Bitcoin as its currency, from this total, % who agree and 13% who strongly agree with the proposal. The survey also shows that Brazilians, among the eight participating populations, are the biggest advocates of crypto-recognition in Latin America, with 55% supporting the approach of El Salvador, which started accepting Bitcoin as legal tender last week, and 42% saying they want Brazil to make the same decision.

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Others 28% of Brazilians neither agree nor disagree that the country should accept the cryptocurrency, while % disagree and 9% disagree strongly of the proposal.

Brazilians believe that cryptocurrencies can bring world economies closer

The study commissioned by Sherlock Comunicações also asked respondents about the impact of cryptocurrencies on global commerce. In this question, 30% of Brazilians responded that they believe they can bring the world’s economies closer together, 33% said that cryptoactives can facilitate the international exchange of money and 26% think they can do away with local currencies.

In the same question about the impact on global trade, the answers less chosen were increased tax evasion for the richest (13%), make travel easier (%) and increased crime and money laundering (13%).

The answers given by the interviewees on the impact of cryptocurrencies on global trade. (Image: Screenshot/Dácio Augustus)

On the topic about Brazil’s position in the crypto market as a whole, 35% of respondents believe that the country is far behind on this front when compared to other locations, 30% said the nation is making progress, 22% believe that in the coming years Brazilian users of this financial modality will increase and 4% believe that the subject has no future in the country.

The study also asked respondents about the reasons why they invest in cryptocurrencies, and for 48% of Brazilians the main factor was portfolio diversification, that is, having different types of investments. Among other responses, 45% responded that the investment was a way to protect your assets from inflation and financial instability, 36% believe that investing in digital currencies is a way of keeping up to date with technological trends and 28% said it is the best way to receive payments for work performed abroad.

The survey indicates that 42% of Brazilians also indicated that they are gaining confidence in the market after reading and understanding about cryptos.

Fear of investing

When compared to the same study carried out in 1024 , the number of Brazilians who say they do not invest in cryptocurrencies has dropped from 32% for 13% in the search of 1024. However, the insecurity that many have in this type of investment is still visible.

For 42 % of respondents, the main problem in investing is the concern with the safety of money invested in cryptocurrencies, an increase in % compared to last year’s survey, indicating that the constant news of scams involving Bitcoin and others digital coins are worrying the population.

The main reasons why people in Latin America still do not invest in cryptocurrencies. (Image: Screenshot/Dácio Augustus)

In the survey, 37% indicated instability and market fluctuations as the main reason for not thinking about using digital currencies now, while 33% said they don’t have enough money to invest. 26% From Brazilians heard said they do not know enough to invest in cryptocurrencies, while 18% believe they do not have technical skills to enter this market.

Many respondents also responded that they do not invest because of the platforms, with % believing that there is a lack of reliable companies to invest in and 35% answering that there is a lack of a platform that is easy to use and does not require a lot of specialized knowledge.

Check out the full study here .

Source: InfoMoney, Sherlock Comunicações, BitcoinTrade

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