According to the report published by the agency marketing Sherlock Communications, headquartered in Brazil and operating throughout Latin America, 36% of Chileans agree that cryptocurrencies they should be recognized as legal tender in the region.
The results of the survey are the product of a study carried out with 2,200 people distributed around the 8 Latin American countries., to understand their attitudes towards cryptocurrencies.
Interest in these digital currencies grows in the main markets from Chile, Argentina, Brazil, Mexico, Colombia, thanks to the great uncertainty that exists internationally.
As reflected in the Sherlock Communications report, three out of four of those surveyed agree that economic downturns related to the pandemic may affect their interest.
From this sample of respondentss, half said they were “a little more interested” and the other half would be “much more interested”, due to local financial crises, as the report explains. Chilean citizens were the least likely to arouse their interest in this ecosystem, and only 63% said that poor local economic activity would provoke this interest. However, 26% said that these economic factors “would not make any difference / do not know”, which can translate into indifference towards cryptocurrencies or on the contrary, lack of knowledge.
As detailed in the document, 44% of Latin American consumers see cryptocurrency as an opportunity to diversify investments, so it becomes the number one investment reason for the citizens of Latin America.
37% of Chilean respondents, when asked to select the main reasons for investing in cryptocurrencies, chose this answer. Second, with 36%, the response most selected by the citizens of that country was to protect their assets from inflation and financial instability.
It should be noted that the main trading platforms at the local level highlight the fact that the damage to citizens around cryptocurrencies has been reduced, currently becoming a new safe haven asset.
Therefore, the value of bitcoin in Chile, it is affected by its international value and by the relative strength of the Chilean peso. A weakening of the Chilean currency directly affects a higher value of the cryptocurrency, thus functioning as a safe haven asset.
Blockchain Report in Latin America 2021
The biggest challenge that cryptocurrencies face in Latin America is the uncertainty and lack of trust, however, the adoption of the cryptocurrency Bitcoin (BTC) on The Savior, as legal tender, as of September 2021, it has given way to a range of possibilities in the region that is gaining strength in Latin America.
The report of Blockchain in Latin America 2021, highlights the updates to the regulation and adoption of the blockchain ecosystem in Chile, Argentina, Brazil, Colombia, Costa Rica, El Salvador, Mexico and Venezuela.
The study pointed out that the crisis triggered by the presence of Covid 19, especially in Latin countries, has driven the search for investment alternatives, to protect assets from inflation and the volatility of national currencies, therefore here cryptocurrencies are highlighted as an option and main benefit when making online transactions.
Another of the key findings that was reflected in the report published by the Brazilian platform is that bitcoin is above other cryptocurrencies in terms of public recognition, only in Chile it was shown that 74% of respondents recognize and are familiar with with this coin digital. Followed by Ethereum (18-41%), Litecoin (17-30%) and Dogecoins (11-16%) recognition.
What’s more, The results also show that as the regulation of these cryptocurrencies matures worldwide, Latin America is proving to be a space that is growing for the development of the technology blockchain.
“This report provides an interesting picture of Latin American economies as the adoption of cryptocurrency as a legitimate investment option accelerates,” highlights Patrick O’Neill, managing partner of Sherlock Communications.
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