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The adoption rate of cryptocurrencies has been likened to a fast-moving train. A new survey has revealed that the number of Bitcoin proponents in the South American country, Brazil, has multiplied. According to the survey, 48% of the Brazilian population now want authorities to make Bitcoin a legal tender in the manner of its Central American counterpart, El Salvador.

Brazilian PR giant, Sherlock Communications had conducted surveys via Toluna, a global research platform across several Latin American countries including Brazil. Despite the 48% in support of making Bitcoin a legal tender, 30% of the respondents upheld a contrary view disagreeing with the idea while 21% were vehemently opposed to it. 

12% Opposed to Crypto Investments 

Of all 2,100 participants of the survey, 12% stated that they would not invest in crypto, an improvement from the 33% who were opposed to crypto investments as of 2020. But the survey obtained reasons from these participants with some claiming that security is a major concern. Others had backed their views with such reasons as extreme volatility and lack of money. 

Brazil already has a crypto-viable environment in light of the Bitcoin exchange-traded fund that was recently approved and launched on the Brazilian Stock Exchange. This puts the South American country in second place after Canada amongst countries with Bitcoin ETFs. It is not unlikely that this must have contributed to the increase in the percentage of the Brazilian population that want Bitcoin as a legal tender. 

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El Salvador’s Bitcoin Adoption Instigate Latin America Interest 

Against the backdrop of the calls for the adoption of Bitcoin and other cryptocurrencies is El Salvador’s landmark decision, making it the first nation to confer legal status on the flagship cryptocurrency. Its Bitcoin law became effective on September 7 amid a massive sell-off. Notwithstanding, the day remains historic and may likely be commemorated in upcoming years. 

El Salvador’s president Nayib Bukele is the linchpin behind the latest adoption following a prior announcement in June at the Bitcoin conference that was held in Miami, Florida. From ensuring a bill passage by the congress on June 8 to the announcement of a Bitcoin mining initiative with clean energy sourced from volcano wells and the purchase of 550 Bitcoins on the same Sept. 7, president Nayib Bukele has proven to be a die-hard Bitcoin proponent.  

In the weeks that followed after El Salvador’s Bitcoin bill passage came to public knowledge, lawmakers in Paraguay and Mexico had indicated interest in passing laws supporting Bitcoin. Most likely, other Latin American countries would look up to Bitcoin to solve their recurring inflation and currency devaluation challenges. 

Pending similar adoptions, the global crypto community is waiting to see how El Salvador’s decision would pan out. Already, president Nayib has revealed that Bitcoin will solve the country’s high remittance costs challenge and provide employment opportunities for locals as investors troop into the country to set up crypto-related businesses.

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Alicia Maher

By Alicia Maher

Alicia Maher is an accomplished news writer with a passion for storytelling. With years of experience in the field, she is skilled at delivering accurate, engaging, and insightful news coverage to her audience.