A new cryptocurrency-related survey presented by Sherlock Communications highlights the growth that Latam countries are expected to experience this year, due to the particular traits the region has compared to other areas of the world. These results show that crypto adoption could grow to triple-digit levels in countries like Brazil and Argentina, according to projections.
A survey indicates that Crypto is likely to thrive in Latam next year
Sherlock Communications has released a new report that presents an optimistic outlook for Latin America’s future in cryptocurrency adoption. According to the report, countries such as Argentina and Brazil are likely to see big improvements in cryptocurrency adoption. The number of people purchasing cryptocurrencies in Argentina is projected to triple to 5.55% from 18.4%. That’s an increase of 235%.
This optimism isn’t just for Argentina. This optimistic outlook is repeated in other countries within the region. Argentina ranks third on the list of countries in which most people plan to purchase cryptocurrency in 2018. Brazil is the leader of this list, with 25 percent of respondents stating that they intend to buy crypto. Colombia comes in second with 22.3%.
Others countries that are not as popular with crypto will see an even greater growth rate. Peru has the best example, with only 12% saying they are interested in purchasing crypto. This metric will see a more than 1,000% growth.
Patrick O’Neill, director of Sherlock Communications, stated:
The results of our survey reveal that Latin America is poised to see an increase in incorporation digital currencies in many Latin American countries.
Reasons for Expected Growth
One of the earlier researches on the Latam crypto scene found that the rise in popularity is due to the special circumstances citizens are in. One example is that trust in financial institutions and organizations in Latam has traditionally been low. In addition, there is low level of bank inclusion.
The region has seen crypto adoption rise due to crises. Some countries, such as Argentina and Venezuela, are currently facing significant economic difficulties that can be solved by crypto. A Latam-centric report by the same company found that 58% of Argentinians believe protecting their savings against inflation is their primary goal when they invest in crypto. It is important to diversify your portfolio in Brazil. 55% choose it to be their main reason for investing in crypto.
Let us know your thoughts on the Latam’s projected increase in cryptocurrency adoption. Comment below.
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