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A survey commissioned by Sherlock Communication shows that 48% of Brazilians think the country should adopt bitcoin as legal tender, following El Salvador’s example.

The survey heard people in Brazil and Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico.

Brazil stands out in the survey as the biggest proponent of adopting bitcoin as a currency shows Valor Investe. For 31% of Brazilians, the country is making progress on the subject.

Cryptocurrencies as a diversification alternative

Portfolio diversification was the main reason given by Brazilians for investing in cryptocurrencies. Other reasons given were protection against inflation, financial instability, and the crypto assets hype.

The study mentions ETFs as instruments that have allowed Brazilians to invest in cryptocurrencies in a regulated manner, attracting less experienced and more conservative investors.

Brazilians are more open to accept cryptocurrencies 

The percentage of people who would not invest in cryptocurrencies also fell: from 33% to 12%, compared to the previous study last year.

El Salvador’s experiment could become a great reference for Latin American countries to incorporate blockchain and cryptocurrencies into their economies and generate well-being for their citizens.