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. The results of the survey make projections that see crypto adoption growing by triple digits in some countries like Argentina and Brazil.
Survey Says Crypto Will Thrive in Latam This Year
A new survey commissioned by Sherlock Communications presents a very healthy panorama for the future of cryptocurrencies in Latin America. The report prepared by the PR firm states that countries like Argentina and Brazil will see big gains in cryptocurrency adoption. For example, in Argentina, the number of people buying cryptocurrencies is expected to more than triple, from 5.55% to 18.4%, growing by 235%.
But this is not just limited to Argentina. The optimistic projection is replicated in all countries of the region. Argentina is the third in the list of countries where most people aim to acquire cryptocurrency this year. The list is led by Brazil, with 25% of the surveyed stating they will purchase crypto, followed by Colombia, with 22.3%.
However, other countries where crypto is not yet so popular are expected to see an even higher growth rate. This is the case of Peru, where with only 12% of respondents saying they intend to buy crypto, there is an expected growth of more than 1000% regarding this metric.
Patrick O’Neill, director of Sherlock Communications, stated:
Our survey revealed that Latin America is poised to see a huge increase in the incorporation of digital currencies across several countries in the region.
Reasons for the Expected Growth
According to one of its earlier studies about the crypto scene in Latam, the growth has to do with the unique situations that citizens find themselves in. For example, in some of these Latam countries trust in institutions and financial organizations has been traditionally low, and there are low levels of banking inclusion.
Crises have also contributed to the adoption of crypto in the region, with some countries like Argentina and Venezuela facing significant economic challenges where crypto can serve as a solution. According to a Latam-focused report from the same firm, 58% of Argentines say protecting their assets against inflation would be their main goal when investing in crypto. Portfolio diversification is an important reason to invest in Brazil, with 55% choosing it as a reason to invest in crypto.
