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Poll Shows 48% of Brazilians Support Bitcoin As Official Currency

Sherlock Communications conducted a recent servey revealing nearly half of Brazilians agree that Bitcoin should be adopted as the currency of the country.

This was born out of El Salvador’s bold step to accept bitcoin as legal tender.

Brazilians Talks Bullish On Bitcoin

Fithermore, the study reveals 48% of Brazilians supports Bitcoin as national currency (17% strong support, 31% moderate support). In contrast, only 21% rejected the idea (9% strong rejection, 12% moderate rejection). T

he other 30% of respondents were indifferent on the judgement.
The survey goes out through the online research platform, Toluna.

Also, it studied the support for Bitcoin and cryptocurrency across various other Central and South American countries.
Namely, Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico.

However, Brazilians exhibited the highest support for the primary cryptocurrency.

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,”

– The study.

Notably, 92% of Brazilian recognized the largest cryptocurrency, bitcoin and as it gains more interest. Meanwhile, only 31% and 30% recognized Ethereum and Litecoin, respectively.

Bitcoin Investment Considered Risky or Secure?

Most media views Bitcoin as a ‘risky’ investment. While, Brazilians view the asset as a strong protection against inflation and financial instability.

Related Post – El Salvador Bought The Dip As Bitcoin Declines

Also, they consider it as diversifying investments (55%) and following technology trends (37%).
This is similar to what inspired President Nayib Bukele to legalize bitcoin adoption in El Salvador.

He believes that adopting Bitcoin as legal tender will benefit his people and move the country forward.
Of course, Which both JP Morgan and the World Bank criticized.

Luiz Eduardo Abreu Haddad, a Sherlock bank consultant commented on the impact of El Salvador’s move on neighboring countries regarding 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.”

However, another recent study shows that only 27% Of Americans would support the US legalizes bitcoin.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.