The future of cryptocurrencies in Latin America seems bright, said a new poll commissioned by Sherlock Communications. According to the analysis published by the PR firm, nations such as Argentina and Brazil will see significant improvements in bitcoin use.
In Argentina, for example, the number of individuals purchasing cryptocurrency is predicted to more than triple, from 5.55 per cent to 18.4 per cent, a 23.5 per cent increase.
However, this isn’t simply a problem in Argentina. All of the region’s countries share an upbeat forecast. Argentina is ranked third among the nations where the majority of individuals want to buy cryptocurrencies this year. Brazil tops the list, with 25% of those polled saying they will buy cryptocurrency, followed by Colombia with 22.3 per cent.
Other nations where cryptocurrency is not yet widely used are expected to see even faster development. This is the situation in Peru, where just 12% of those polled say they want to buy cryptocurrency, implying a predicted increase of more than 1,000% in this statistic.
According to Patrick O’Neill, head of Sherlock Communications, According to our research, Latin America is on the verge of seeing massive growth in the use of digital currencies in various nations.
Reasons for the Projected Increase:
According to one of its previous research on the crypto scene in Latin America, the increase is due to residents’ particular circumstances. For example, confidence in institutions and financial organizations has historically been poor in several of these Latam nations, and banking inclusion is low.
Crises have also aided crypto growth in the area, with nations such as Argentina and Venezuela suffering significant economic issues for which crypto might provide a solution. According to Latam-focused research from the same business, 58 per cent of Argentinians said that preserving their assets from inflation is their primary goal when investing in cryptocurrency. Portfolio diversity is a popular reason to invest in Brazil, with 55% citing it as a motivation to engage in cryptocurrency.