Research shows that coronavirus has driven interest in Bitcoin in Basil and Latin America
As the coronavirus pandemic shows no signs of slowing down in Latin America, a new report concluded that the crisis could represent a major boost for investment in cryptomites in the region.
The report, commissioned by Sherlock Communications, highlights key aspects of the blockchain ecosystem in 21 Latin American countries, including an exclusive Toluna survey of more than 2,200 people in Argentina, Brazil, Colombia and Mexico to understand their attitudes towards Bitcoin Supreme and cryptomorphs.
When asked if they would be interested in investing in cryptomoedas as a result of the economic crisis caused by COVID-19, between 31% and 39% of respondents in the four countries surveyed responded that they would be „much more interested.
Between 35% and 51% of respondents said they would be „a little more interested. The most commonly cited reason for investment was „to protect my assets from inflation and economic stability.
Uncertainty and lack of confidence seem to be the main obstacles to investment in cryptomites in the region. Most respondents in the countries where the survey was conducted said they do not currently use cryptomeda because they „do not know enough about it.
When asked what would give them confidence to invest in cryptomoeda, the most common responses were „to have more reliable platforms to trade“ and „to read and understand more about it.
Latin Americans are hopeful about the future of cryptomorphs in the region, but they say there is still much to be done compared to other regions of the world.
When asked how they see the state of cryptomorphs in their respective countries, most responded that „we are far behind compared to other countries“ (particularly in Argentina, with 50% of respondents choosing this response).
The second most common response was „we are moving forward“ (mainly in Brazil and Colombia, with 28%). Most respondents (43% – 51%) agree that cryptomycins will eventually make it easier to exchange money internationally, with some (32% – 46%) suggesting that the technology will replace local currencies in the future.
„These results are encouraging for cryptomoks and blockchain-based applications seeking to launch in Latin America, and for Latin Americans who are feeling the effects of the current economic crisis. Lack of trust in governments, economic instability, inflation, desire for transparency. Millions of people without a bank or economically needy. Name the problem that the blockchain is trying to solve: we have it here. These are real problems for Latin Americans. That is why we are so open to new possibilities. But education is the key to promoting adoption,“ said Luiz Hadad, Community Building Leader at Cambiatus and one of the leading blockchain consultants in Latin America.
Other important points of the study
„With the right kind of communication campaign, educating, informing and responding to the complexities and risks to those involved, the sky is the limit for blockchain projects and investment in cryptomorphs in the region,“ adds Patrick O’Neill, managing partner of Sherlock Communications.
Respondents in Colombia showed the greatest interest in investing in cryptomoeda (51% „a little more interested“ and 31% „much more interested“), while respondents in Argentina showed the lowest level of interest (35% „a little more interested“ and 36% „much more interested“) among the four countries surveyed.
More Argentines stated that they would not invest in cryptomeda than respondents from any other country (12%). In contrast, the number in Colombia was 7%.
Bitcoin proved to be by far the best known cryptomeda in the region, with 86% – 92% recognition. Ethereum was the second most cited name, with recognition of only 26% – 29% depending on the country.