CoinsPaid recently polled respondents in Brazil, Argentina, and Colombia about their attitudes toward companies that accept bitcoin and cryptocurrencies.
Over half of Brazilians, 38% of Argentinians, and 35% of Colombians support the acceptance of digital currencies like bitcoin by businesses or believe it might be the future of money.
After the Brazilian Senate enacted a cryptocurrency regulatory bill, 36% of Brazilians said they would prefer to use a currency like bitcoin for daily purchases.
CoinsPaid, a European cryptocurrency infrastructure provider, published research indicating that enterprises taking bitcoin and other cryptocurrencies are positively viewed and have a noticeable influence on people’s lives in Brazil, Columbia, and Argentina.
According to the survey, which was conducted in March, 50.5 percent of Brazilians saw bitcoin and other cryptocurrencies as being adopted by organizations with a positive outlook, or that cryptocurrency will be the future of money. Similarly, Argentina reported 38.1 percent favorable outlook, while Colombia reported 35.7 percent.
Respondents from all three nations allegedly claimed that increased transaction security is one of the primary factors determining whether or not they wish to utilize something like bitcoin for daily transactions. This demonstrates that there is a definite demand for bitcoin because its network is by far the largest and most decentralized, delivering the strongest form of transactional security with a verifiable and unmanageable public ledger.
Brazilians also indicated that 36.3 percent of respondents would prefer to use a currency such as bitcoin for daily purchases, which was mirrored by the Brazilian Senate when it enacted a law trying to regulate the larger market this past February.
The movement of countries such as Brazil, Argentina, and Colombia considering the adoption of new forms of money has been fueled not only by increased levels of inflation, but also by El Salvador’s own adoption of bitcoin as legal tender, making it the first Latin American country to do so.
Argentina was facing over 55 percent inflation in April of this year, according to a Chainalysis research, and Argentina is the second-highest ranked country for cryptocurrency adoption. Similarly, Brazil saw 28-year high inflation in April, while Colombia recorded its greatest levels of inflation in more than 20 years over the same time period.
Bitcoin enables countries to opt out of controlled economies by providing a form of money that ensures inflation cannot depreciate their wealth over time while providing extraordinarily low costs and unparalleled security.