Nearly 100 million Brazilians want BitCoin to become their national currency

Nearly 100 million Brazilians want BitCoin to become their national currency
A survey by Sherlock Communications reveals that 48% of Brazilians want their country to adopt Bitcoin as an official currency.

In addition to Brazilian citizens, the study also included people from Mexico, Venezuela, Argentina, Colombia, Costa Rica and El Salvador. We can read:

“The Brazilians were the strongest supporters of bitcoin’s legal tender in the region. As many as 56% of them support the approach to El Salvador’s cryptocurrencies and 48% say they want Brazil to follow suit “

The respondents were also asked about the prospects for cryptocurrencies in Brazil. 31% of respondents see progress on this issue, while 35% said the South American country still lags far behind other countries. 23% of respondents believed that there will be many more cryptocurrency users in the future. There were only 4% of total sceptics that the cryptocurrency market in Brazil would collapse.

The study also found that Brazilians invest in BTC primarily for diversification – 55% of people. Protection against inflation was chosen by 39% of the respondents in second place. 37% of respondents said they were buying BTC and cryptocurrencies to keep up with technology trends. As many as 92% of respondents are aware of Bitcoin’s existence. By comparison, only 31% know about Ethereum.

BitCoin ETF

“Bitcoin ETFs in Brazil allow private individuals to invest in a regulated manner, allowing more conservative investors to experiment with cryptocurrencies”

This year, the Brazilian Securities and Exchange Commission (CVM) has approved two cryptocurrency ETFs. One is 100% bitcoin based and the other is made up of five cryptocurrencies. Both ETFs are listed on the Brazilian stock exchange. Outside of Brazil, the only other country that has approved its own bitcoin ETF is Canada.

13-09-2021, Mr Advice TEAM

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