50% of Colombians, Mexicans and Argentines would back bitcoin as legal tender

Key facts:
  • Cryptoassets are seen as an opportunity to diversify investments.

  • Interest in bitcoin is growing in Argentina, Brazil, Colombia, Mexico, Chile and Venezuela.

The entry into force of the Bitcoin Law in El Salvador is resonating in other Latin American countries. A survey revealed that the Central American country’s decision to adopt BTC as legal tender is welcomed by 50% of Colombians, Argentines, Brazilians and Mexicans.

Latin Americans would pin their hopes on cryptocurrencies for three reasons: to diversify their investments, as a mechanism for safeguarding value and for international money exchanges. This is understandable given that the region is one of the main recipients of remittances in the world. In addition, Latin America has a long history of inflationary economies.

According to a survey conducted by the agency Sherlock Communications, Brazilians support El Salvador’s decision by 56%. Another 48% of those interviewed expect something similar to happen in the Amazon country. In Colombia, 52% said they agree with El Salvador’s measure, as well as 51% in Mexico and 45% in Argentina, the study highlighted.

One aspect highlighted by the research is that respondents are willing to engage even more with cryptocurrencies. However, they admitted that they must first educate themselves better about Bitcoin and the rest of the digital assets. Another factor that would encourage them to invest in cryptoassets is learning how to use user-friendly platforms that do not require specialized knowledge.

50% of Colombians, Mexicans and Argentines would back bitcoin as legal tender 50% of Colombians, Mexicans and Argentines would back bitcoin as legal tender

“The blockchain and cryptocurrency market continues to grow in Latin America, and I believe this trend will continue in the coming years. El Salvador’s experiment will serve as a great reference on how to incorporate blockchain and cryptocurrencies into their economies and generate welfare for their citizens,” explained consultant Luiz Haddad.

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The research also determined which are the aspects that hold Latin Americans back when it comes to investing in bitcoin. Economic inequality and lack of knowledge of how to do it are the main reasons. On this last point, the participants asked for more literature to be disseminated in order to generate more confidence.

The survey had the participation of 2,200 people from eight countries in the region which are: Argentina, Brazil, Colombia, Costa Rica, Chile, El Salvador, Mexico and Venezuela.

Bitcoin emerging in Latin America

El Salv’s moveador is not only making an impact among Latin Americans. Other countries in the region are also debating how to adopt bitcoin to attract investment in the mining field, for example. CryptoNews has reported on the legislative advances being made in Paraguay, Uruguay and Panama.

It should be remembered that Latin America has dozens of cryptocurrency exchanges, startups focused on the development of wallets, the Bitcoin lightning network, applications for decentralized finance (DeFi) and even digital identity projects.