06.12.2021

Brazilians support Bitcoin adoption as national currency

A recent poll by Sherlock Communications showed that nearly half of Brazilians agree that Bitcoin should be accepted as the country’s official currency, as El Salvador did.

Valor Investe reports that 48% of Brazilians support Bitcoin as their national currency (17% support it without any doubt, 31% with some tolerances). Among the respondents, only 21% rejected this idea (9% categorically, 12% moderately). The remaining 30% of respondents are neutral.

The survey was conducted using the online research platform Toluna to examine support for bitcoin and cryptocurrencies in Central and South America. These include Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico. Of all the aforementioned regions, Brazil has shown the greatest support for the main cryptocurrency.

“Brazilians are the most active supporters of cryptocurrency acceptance in the region: 56% supported El Salvador’s decision, and 48% said they want Brazil to adopt the digital currency as well ,” the study said.

It is noteworthy that the interest of the Brazilians, apparently, is focused exclusively on bitcoin. BTC is by far the most famous cryptocurrency among the respondents, 92% of respondents said so, Ethereum and Litecoin were chosen by only 31% and 30% respectively. By the way, these are the two most popular altcoins on the market.

Despite the fact that bitcoin is often touted as a “risky” investment in the media, the support for the Brazilians is based on a completely opposite perception. When asked about the purpose of investing in cryptocurrencies, 39% of respondents said they did it to “protect against inflation and financial instability”, diversify investments (55%) and follow trends in technology (37%).

This is in line with the views of the El Salvadorian government, which has repeatedly acquired hundreds of bitcoins over the past few days. President Nayib Bukele remains confident that his decision to invest in Bitcoin and accept it as legal tender will benefit his people and move the country forward. Of course, this contradicts the views of the banking giant JP Morgan and the World Bank.

Luis Eduardo Abreu Haddad, a Yuank consultant at Sherlock Communications, recognizes the importance of El Salvador’s first step in determining neighboring countries’ bitcoin policies:

“The El Salvador experiment could be a great example for Latin American countries on how to incorporate blockchain and cryptocurrencies into their economies and ensure the well-being of their citizens.”

If Brazilians are open to accepting BTC, Americans have the opposite opinion. Another recent study found that only 27% are willing to support the legalization of bitcoin in the United States.

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