Recent Poll: Half of Brazilians Want to Follow El Salvador’s Bitcoin Path

September 14, 2021, 9:15 AM AEST - 2 weeks ago

According to local financial news outlet Valor Investe, a new poll conducted by Sherlock Communications has found that almost half of Brazilians are pro-bitcoin.

Brazil May Follow Trailblazing El Salvador

In a study that included other South American nations, Sherlock Communications found that Brazilians were the biggest supporters of El Salvador’s adoption of bitcoin, with 56 percent agreeing with the republic’s approach.

Of those surveyed, 48 percent of Brazilians expressed a belief that their nation ought to follow suit and adopt bitcoin as legal tender – 31 percent agreed and 17 percent agreed strongly with the idea.

The nation appears to be confident in Bitcoin’s future – 23 percent believed that in the future, there would be many more Bitcoiners compared to only four percent who believed Bitcoin would have absolutely no future in the country.

The research showed that the reasons to invest in bitcoin were varied:

  • 55 percent used it as a portfolio diversifier;
  • 39 percent to guard against inflation and ongoing economic instability; and
  • 37 percent to keep up with technological trends and developments.

Bitcoin was comfortably the best-known crypto; 92 percent of those surveyed knew about it, compared to only 31 percent who knew about Ethereum.

Brazil Increasingly Crypto-Friendly

Even though 31 percent of those surveyed felt that crypto was progressing well in Brazil, 35 percent believed that the nation was lagging behind. That belief perhaps stems from rumblings all over South America of other countries looking to follow El Salvador’s example.

This is certainly an interesting perspective, considering Brazil has beaten many developed nations such as the US and Australia in establishing a bitcoin exchanged traded fund (ETF). Brazil has some 1.4 million bitcoin and crypto users, in addition to 21 bitcoin ATMs distributed nationwide.

The research suggested that adoption was partly linked to the availability of an ETF which “allows people to invest in a regulated way, allowing more conservative investors to experiment with the cryptocurrency”.

As expected, El Salvador’s moves were regarded as being a potential brushfire that could trigger a wave of Bitcoin adoption across Central and South America.

El Salvador’s experiment could become a big reference for Latin American countries on how to incorporate blockchain and cryptocurrencies to their economies and generate greater wellbeing [for] its citizens.

Luiz Eduardo Abreu Haddad, consultant for Sherlock

It’s evident that Brazil is marching forward within the crypto space, and even Visa appears to have taken notice of the momentum. Last week, it was established that the company is reportedly working to integrate bitcoin into its Brazilian payments infrastructure.

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