The entry into force of the Bitcoin Law in El Salvador is resonating in other Latin American countries. A survey revealed that the decision of the Central American country to adopt BTC as legal tender is well regarded by 50% of Colombians, Argentines, Brazilians and Mexicans.
Latin Americans would have put their hopes in cryptocurrencies for three reasons: to diversify their investments, as a mechanism to safeguard value and for international money exchanges. This is understood because the region is one of the main remittance recipients in the world. In addition, Latin America has a long history of inflationary economies.
According to a survey carried out by the Sherlock Communications agency, Brazilians support El Salvador’s decision by 56%. Even another 48% of those interviewed expect something similar to happen in the Amazon country. In Colombia, 52% said they agree with the measure of El Salvador, as well as 51% in Mexico and 45% in Argentina, it was highlighted in the study.
An aspect that stood out 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 crypto assets is learning to use easy-to-use platforms that do not require specialized knowledge .
«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 well-being for their citizens, ”explained consultant Luiz Haddad.
The investigation also determined what are the aspects that hold Latin Americans back when it comes to investing in bitcoin. The economic inequality and the ignorance of how to do it , are the main reasons. On this last point, the participants asked that more literature be disseminated to generate more trust.
The survey had the participation of 2,200 people from eight countries in the region that are: Argentina, Brazil, Colombia, Costa Rica, Chile, El Salvador, Mexico and Venezuela.
Bitcoin emerging in Latin America
The move of El Salvador It is not only generating an impact among Latin Americans. Other countries in the region are also debating how to adopt bitcoin to attract investments in the field of mining , for example. CriptoNoticias has reported the legislative advances that are 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 up to digital identity projects.
