Survey: Nearly Half of Brazilians Would Make Bitcoin Their Official Currency
Almost 50% of Brazilians say they would welcome the adoption of Bitcoin as their official currency. According to a recent survey, “protection against inflation and financial instability” is s major reason for investing in crypto.
A recent poll from Sherlock Communications has found that nearly half of Brazilians think that Bitcoin should be adopted as the currency of the country, following in the footsteps of El Salvador.
According to the study 48% of Brazilians support Bitcoin as national currency (17% strong support, 31% moderate support). In contrast, only 21% rejected the idea (9% strong rejection, 12% moderate rejection). The other 30% of respondents did not have an opinion.
The survey was carried out online and studied support for Bitcoin and cryptocurrency across various other Central and South American countries: Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico. Out of the surveyed regions, Brazilians showed the most support for the primary cryptocurrency.
“Brazilians were the biggest advocates of crypto-recognition in the region, with 56% supporting El Salvador’s approach and 48% saying they want Brazil to adopt it as well… Another 30% neither agree nor disagree and 21% are against the idea (12% disagree and 9% strongly disagree).”
It’s worth mentioning that Brazilians’ interest seems to be uniquely concentrated on Bitcoin. BTC was by far the most well-known among the surveyed, with 92% recognizing it. Meanwhile, only 31% and 30% of respondents knew of Ethereum and Litecoin, respectively – two of the most popular altcoins in the market.
Despite that Bitcoin is often considered as a risky investment, Brazilian look at it completely opposite. When asked about their reasons for investing in cryptocurrencies, the responses were:
“[…] to diversify investments (55%), protect against inflation and financial instability (39%) and follow the technology trend (37%).”
This would be in line with the views of the El Salvadoran government, which has repeatedly been purchasing hundreds of Bitcoin just before and after Bitcoin was announced legal tender. President Nayib Bukele remains confident that his decision to invest and adopt Bitcoin as legal tender will benefit his people and move the country forward. This is in opposition to the opinions of both JP Morgan and the World Bank (obviously).
Luiz Eduardo Abreu Haddad, a Sherlock bank consultant, recognizes the importance of El Salvador’s first step in guiding the views and actions of neighboring countries regarding Bitcoin:
“The El Salvador experiment could become a great reference for Latin American countries on how to incorporate blockchain and cryptocurrencies into their economies and generate well-being for their citizens.”
Americans are not on the same page with Brazilians regarding Bitcoin. According to Crypto Potato a recent study determined that only 27% would support it if the US legalizes bitcoin.
