Despite being an underdeveloped region, Latin America sets an example for the whole world in terms of adoption, trading, and interest in cryptocurrencies.
A recent survey revealed that more than 30% of Latinos are interested in investing in crypto, either to increase their wealth or at least to maintain its value in times of economic instability.
The study, commissioned by Sherlock Communications, includes a survey of more than 2,200 people in Argentina, Brazil, Colombia, and Mexico to understand their attitudes towards cryptocurrencies and other digital assets.
Latin America Lovsn Crypto… But First People Want to Understand Them
According to the shared results, between 31% and 39% of respondents in the four participating countries said they were “much more interested” in investing in Bitcoin after experiencing the consequences of the COVID-19 pandemic. In comparison, another 35% to 51% of respondents said they were “a little more interested” now. However, most people don’t invest in Bitcoin or any other cryptocurrency because they lack sufficient knowledge about digital assets.
Respondents perceive a significant gap in the region in terms of cryptocurrency adoption and favorable legal conditions. Argentina leads in this pessimistic view, with more than half of the population perceiving the country is lagging behind compared to other nations
Other countries —such as Brazil and Colombia— feel “they are progressing,” in this area. This was the second most popular anser with 28% of the total responses.
Another interesting fact is that most respondents (43% – 51%) agree that cryptocurrencies will eventually facilitate the exchange of money internationally, and a slightly smaller segment (32% – 46%) believe that these technologies will eventually replace fiat currencies.
On the other hand, Bitcoin highlighted as the best-known cryptocurrency in the region, with recognition of 86% to 92%. Far behind, Ethereum was the second most popular name on the list, with only 26% to 29% recognition depending on the country.
This is Good For Bitcoin and the Blockchain in General
The political-financial situation in Latin America is perfect not only for Bitcoin and other types of cryptocurrencies, but also for the rising of decentralized applications. Colombia, Perú, Chile and Brazil are experimenting right now with the use of blockchain-based solutions to optimize their administrative system, making it resistant to corruption. On the other hand, Venezuela and Colombia lead the world alongisde Russia in terms of P2P trading and adoption.
For Luiz Hadad, a popular blockchain consultant in Latin America, Latin America is a great case study for those interested in developing decentralized solutions for a lot of macro problems and the study is a reflection of this reality:
These results are encouraging for cryptocurrencies and blockchain-based applications seeking to be launched in Latin America, and for Latin Americans who are feeling the effects of the current economic crisis. Lack of trust in governments, economic instability, inflation, desire for transparency, millions of people unbanked or economically neglected. Name the problem that blockchain is trying to solve: We have it here
Latin America is a very heterogeneus region, with diverse cultures and political systems, but it seems that no matter how different people think, every day there are more eyes turning to Bitcoin and the crypto revolution. And Bitcoin doesn’t care about nationalities.