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Survey reveals majority of Brazilians support El Salvador’s Bitcoin move 

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Despite El Salvador enduring a bumpy first week of making Bitcoin legal tender, different regions have showcased interest in the same.

Neighboring Central American countries such as Panama, Honduras, and Guatemala among others, have all taken steps to toward the same. Furthermore, a survey was conducted by São Paulo-based financial education website Valor Investe, of 2,700 respondents from Brazil, Argentina, Chile, Colombia, Costa Rica, Venezuela, and Mexico. Here’s what the outcome looked like: Brazilians, more than half of them, supported the development in El Salvador. The report stated,

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.

However, 21% are against the idea (12% disagree and 9% strongly disagree).”

Moreover, as per the report, the main reasons for Brazilians respondents’ interest in investing in cryptocurrencies, was, “..to diversify investments (55%), protect against inflation and financial instability (39%) and follow the technology trend (37%).”

Meanwhile, Luiz Eduardo Abreu Haddad, community leader of the Cambiatus digital social currency platform opined,

“In Brazil, friendlier regulations have attracted institutional investors and corporations to the sector. The Salvadoran experiment can become a great reference for Latin American countries on how to incorporate blockchain and cryptocurrencies into their economies and generate well-being for citizens.”

Having said that, around 12% of the respondents of the abovementioned poll, even though it’s small, maintain an anti-crypto narrative. Here’s why. 42% cite security concerns, 37% volatility, and 33% say they lack the money to invest.

Lastly, the report further shed light on individual preferences as well. Bitcoin was the most well-known crypto asset (92%), followed by Ethereum (31%) and then Litecoin (30%).

Looking beyond the survey, the Central as well South American countries have portrayed a crypto-friendly stance in the past. For instance, consider the highlight of the article, Brazil. The country recently gave a nod to a green Bitcoin ETF. However, its regulatory watchdogs have laid down strict regulations to curb illicit activities in this “decentralized” sphere.

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.