Almost 1 in 3 people in Latin America show great interest in cryptocurrencies. But most people won’t invest until they really understand them.
Despite being an underdeveloped region, Latin America sets an example for the whole world in terms of adoption, trade and interest in cryptocurrencies.
Crypto money investment
A recent survey revealed that more than 30% of Latins are interested in investing in cryptocurrencies to increase their wealth or at least preserve its value in times of economic instability.
Commissioned by Sherlock Communications, the study 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 loves crypto
According to shared results, 31% to 39% of respondents in four participating countries said they were “much more interested” in investing in Bitcoin after experiencing the consequences of the COVID-19 outbreak. In contrast, 35% to 51% of respondents said they were “a little more interested” now. However, most people will not invest in Bitcoin or any other cryptocurrency because they do not know enough about digital assets.
Respondents feel there is an important gap in the region in terms of cryptocurrency adoption and favorable legal conditions. Argentina leads this pessimistic view, with more than half of the population believing the country lags behind other countries.
Another interesting fact is that most respondents (43% vs. 51%) believe that cryptocurrencies will eventually facilitate international currency exchange, and a slightly smaller portion (32% vs. 46%) of these technologies will eventually replace fiat currencies.
On the other hand, Bitcoin stood out as the best known cryptocurrency in the region, with a margin between 86% and 92%. Far behind, Ethereum was the second most popular name on the list, with only 26% to 29% recognition depending on the country.