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Half of Brazil is for Bitcoin as its currency




pte20210915003 Business / Economics, Politics / Law

Study by Sherlock Communications: Only one in eight is a definitive crypto refuser

Bitcoin: also extremely popular in Brazil (Photo: Ewan Kennedy, unsplash.com)

Bitcoin: also extremely popular in Brazil (Photo: Ewan Kennedy, unsplash.com)

São Paulo (pte003 / 09/15/2021 / 06:10) – A majority of Brazilians support El Salvador’s decision to recognize Bitcoin as a currency and almost half want Brazil to do the same as the Mesoamericans. This is reported by the Brazilian investment news portal “Valor Investe”, citing a study by the PR and digital marketing agency Sherlock Communications http://sherlockcomms.com. The number of strict cryptocurrency objectors has dropped dramatically year-on-year.

Lots of crypto lovers

The study included participants from Argentina, Brazil, Costa Rica, Chile, El Salvador, Colombia and Venezuela. Brazil turned out to be the largest crypto currency proponent in the region. Because 48 percent of Brazilians want Bitcoin to be recognized as a currency, as in El Salvador. As many as 56 percent are of the opinion that the Central American country has chosen the right path with the introduction of Bitcoin as its currency. On the other hand, just over a fifth are explicitly against risking the same experiment.




In addition, enthusiasm for crypto seems to be growing rapidly in the country. Because only twelve percent of the Brazilian participants stated in the current survey that they do not want to invest in crypto currencies. In a similar survey in the previous year, this proportion was still a third. The main reasons why around one in eight Brazilians shy away from Bitcoin and Co are security concerns (42 percent), the high volatility of crypto assets (37 percent) and a lack of investable capital (33 percent).

More than just bitcoin

According to the survey, 92 percent of Brazilians know Bitcoin, which makes it the clear number one there too. But at least 31 percent say they know Ethereum, and Litecoin also has 30 percent awareness. The relatively large interest in cryptocurrencies in Latin America could be related to the fact that the population is used to economic crises. 39 percent of Brazilians say they invest in crypto to protect themselves from inflation and financial uncertainty. Only the diversification of one’s own investment portfolio is an even more common reason (55 percent).

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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