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Almost half of Brazilians would like to see BTC as the official currency

2 min read

 

What are we going to talk about. The eyes of many cryptocurrency enthusiasts and critics have recently turned to Central and South America. The interest is also supported by the results of a recently published public opinion poll, according to which up to 48 percent of Brazilians would like to make BTC’s official currency in the country, following the example of El Salvador.

However, in order to give space to the second half as well, thirty percent of respondents rather disagree with such a proposal, and 21 percent of respondents are fundamentally against it.

Central and Latin America in the forefront of interest

The proportion of Brazilians who said they would never invest in cryptocurrencies dropped dramatically from 33% in 2020 to just 12% in 2021. Security concerns, high volatility and lack of money are cited as the main reasons.

Brazil became only the second country in the world (after the first Canada) to approve the launch of an exchange-traded fund (ETF) in March this year.

And then there is Salvador, a small Central American country that took a pioneering step on September 7 and officially approved BTC (along with the US dollar) as legal tender in the country. Here, however, it should be added that this historic day was marked by some technical problems, which in the end (mainly due to the enormous interest of users) were unavailable for several hours.

Even before the official launch, it was clear that people would take the new, government-backed virtual wallet Chivo with the attack. The government has decided to support the adoption of BTC by donating approximately $ 30 to all users of this wallet when BTC is first activated.

Who will be next?

The cryptocurrency community expects Salvador to be just the first dominoes to fall to hyperbitcoinization.

Brazil has the highest proportion of citizens who support the adoption of BTC as legal tender. Other Latin American countries that are speculated to be interested in BTC include Argentina, Colombia, Chile and Costa Rica.

And it’s not just about Central and South America. Recent research by YouGov shows that 27% of Americans would support the adoption of BTC as the official currency alongside the US dollar. And, as expected, the most crypto-friendly are the representatives of the millennial generation and the Z generation.

Conclusion

El Salvador was the first country to decide to go against the International Monetary Fund (IMF) and give BTC the status of official currency in the country. This step is closely monitored and evaluated from all sides. 

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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