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Half of Brazilians Want Bitcoin to be Legal Tender

  • According to a survey conducted by a communication and public relations agency, 48% of those consulted are in favor of the legal adoption of cryptocurrency.
  • The largest economy in Latin America has shown a significant boom in the adoption of BTC and other cryptocurrencies, however, it lags behind other countries in the region with regards to regulations.

48% of Brazilians believe that the government of Jair Bolsonaro should adopt Bitcoin as legal tender. That is one of the conclusions reached by the firm Sherlock Communications in a report on blockchain in Latin America 2021, the results of which were released this week.

The Sao Paulo, Brazil-based digital marketing and public relations agency provided an update on cryptocurrency regulations, their adoption, and the current ecosystem in several key Latin American countries.

The study, which was divided into two parts, covered eight Latin American countries where cryptocurrencies have seen a great boom in recent years. One such survey was carried out with 2,700 people in the five countries with the largest economies in the region: Brazil, Argentina, Chile, Colombia and Mexico.

A further survey was conducted in Costa Rica and El Salvador, and took relevant aspects related to the adoption of BTC and other cryptocurrencies in Venezuela into consideration.

One of the most surprising data of the study was that Brazilians are among the most supportive in the region for Bitcoin to be recognized and legalized by the federal government.

According to the survey’s findings, 56% of Brazilians support the approval of the Bitcoin Law of El Salvador, while 48% expressed their desire for Brazilian authorities to adopt the most famous and expensive cryptocurrency as legal tender in the country.

As revealed by the data in the report, this ideal was supported by 31% of the Brazilians surveyed by the agency, who responded that they “agreed,” and 17% who said they “strongly agree.”

30% of the people who responded to the survey conducted through the Toluna platform, said that they did not agree or disagree with the notion, although 21% were against this idea, 12% of whom declared that they disagreed, while 9% strongly disagreed.

Most People Know About Bitcoin

According to the survey results, 92% of respondents in Brazil know what Bitcoin is and another 31% know Ethereum (ETH). This data contrasts with the results of the surveys carried out in El Salvador before the Bitcoin law came into force. In the Central American country, the majority said that they did not know about the BTC.

On the prospects of crypto assets in Brazil, almost a third of those surveyed stated that they have seen some progress regarding the use and adoption of BTC. Another 35% stated that the country is still behind on the implementation of cryptocurrency compared to other nations.

When asked about the growth in the number of Bitcoin users in Brazil in the immediate future, 23% of those surveyed agreed. In contrast to 4% of survey participants who believe that the world’s leading cryptocurrency has no future.

The study also revealed that 55% of Brazilian respondents regularly invest in BTC to diversify their investment portfolio. The second main purpose of BTC investors is to protect themselves from inflation and economic instability, with 39% affirmative responses.

Finally, 37% of those surveyed in Brazil confessed that they acquire BTC and other cryptocurrencies in order to be updated on current technological trends.

"The Bitcoin market continues to grow in Latin America as part of a trend that will continue in the coming years,"

said Sherlock consultant Luiz Eduardo Abreu Haddad. 

"In Brazil, a friendlier regulation has attracted institutional investors and companies to the sector. El Salvador's experiment could become a great reference for Latin American countries on how to incorporate blockchain and cryptocurrencies into their economies and generate greater well-being for their citizens,"

he added.

On The Flipside

  • Despite the popular acceptance of Bitcoin and other cryptocurrencies in Brazil, regulations are still very inconsistent and there have been significant delays.

Why You Should Care?

  • The Bitcoin crash in El Salvador has not prevented it from becoming an important point of reference for Latin America.
  • Beyond the setbacks and volatility of BTC, its ever-rising popularity and expansion alongside cryptocurrencies seems like an unstoppable force.

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