Key Takeaways
- The latest poll reveals 48% of Brazilians want Bitcoin as a National Currency
- More than 90% of respondents recognize Bitcoin compared to altcoins
- El Salvador’s adoption of Bitcoin could pave the way for more countries to adopt digital currencies
The recent move by El Salvador to make Bitcoin one of its national currencies appears to have made a significant impact in Latin America.
The latest Survey was carried by Sherlock Communications and involved several Latin American countries like Chile, Argentina, Colombia, Mexico and Chile.
The Brazilian respondents, however, showed the highest support towards making bitcoin their national currency.
Brazil is considered the largest economy in the region has suffered from inflation and financial instability
in recent years, leading to many turning to digital assets.
The Covid-19 pandemic has not also helped as the country is among the worst-hit globally.
The Survey noted a high level of knowledge of bitcoin among the respondents, with about 90% recognizing the leading cryptocurrency.
This was far higher than leading altcoin Ethereum (31%) and Litecoin (30%).
This is not surprising given the publicity that Bitcoin has received in the past few weeks due to El Salvador’s new law.
The Survey also asked respondents why they wanted to invest in cryptocurrencies.
More than half (55%) replied that they viewed it as a means of diversifying their investment portfolio.
In addition, 40% stated that cryptocurrencies provide a hedge against inflation, while (37%) said they were following the latest technology trend by investing in crypto-assets.
This Survey continues the growing trend of increasing bitcoin and crypto popularity globally.
El Salvador’s successful adoption of Bitcoin as a national currency could change the global financial system.
Panama is another country that has hinted in recent weeks that it could adopt digital currencies within its existing laws.
Bitcoin potentials remain limitless, and it will be interesting to see which nations jump on the crypto train in the coming months.
What are your thoughts on the result of the survey?
