A recent poll by Sherlock Communications found that nearly half of Brazilians agree that they should follow in the footsteps of El Salvador and adopt Bitcoin as the country’s currency.
According to Valor Investe, the study showed that 48% of Brazilians support Bitcoin as their national currency (17% strong support, 31% moderate support). In contrast, only 21% rejected the idea (9% strongly rejected, 12% moderately rejected). The other 30% of respondents were indifferent to this matter.
The survey was conducted through the online research platform Toluna and studied the support of Bitcoin and cryptocurrencies in other Central and South American countries. These include Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico. Of all the above regions, Brazilians have the highest support for major cryptocurrencies.
“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,”says the study.
It is worth noting that the interest of Brazilians seems to be particularly focused on Bitcoin. So far, BTC is the most popular among those surveyed, with 92% of people admitting to it. At the same time, only 31% and 30% of respondents knew Ethereum and Litecoin, the two most popular altcoins on the market respectively.
Is Bitcoin Risky or Secure?
Although the media generally calls Bitcoin a “high risk” investment, Brazil’s support for it is based on completely opposing assumptions. When asked about their reasons for investing in cryptocurrencies, 39% of respondents named “preventing inflation and financial instability” as a factor. Other main reasons are diversifying investments (55%) and following technology trends (37%).
This would correspond to the views of the government of El Salvador, which has repeatedly bought hundreds of bitcoins at once in the past few days. President Nayib Bukele still believes that his decision to invest and make Bitcoin legal tender will benefit his people and move the country forward. This is in contrast to the views of JPMorgan Chase and the World Bank.
Sherlock Bank Advisor Luiz Eduardo Abreu Haddad recognizes the importance of El Salvador’s first step in steering neighboring countries’ views and actions on Bitcoin:
“The El Salvador experiment could become a great reference for Latin American countries on how to incorporate blockchain and cryptocurrencies into their economies and generate well-being for their citizens.”
Although Brazilians seem more open to adopting BTC, Americans are not on the same page. Another recent study found that if the United States legalized Bitcoin, only 27% of people would support it.