Gemini has released a report on the crypto market that points to Brazil as the leader in crypto adoption in Latin America. According to the study, 44% of respondents in the country said they own digital currencies.
Brazil recorded almost double the number of crypto investors compared to Mexico’s second-ranked country, where 22% of the population stated that they have already invested in cryptoassets.
Considered a global leader in digital currency adoption, Brazil has more cryptoasset investors than second and third place combined, featured in Gemini’s report. Colombia comes third on the list, where 16% of respondents said they invest in the crypto market.
Women invest in cryptoassets
Gemini’s report also highlighted female participation in the Brazilian crypto market. In total, 45% of the investors surveyed are women, revealing an increase in female participation in the sector.
And the female presence may increase considerably in the Brazilian crypto market. About 55% of respondents who intend to invest in digital currencies next year are women.
Trust in cryptoassets is also higher in Brazil than in other countries, such as the United States. Only 13% of respondents said that they do not invest in digital currencies due to the lack of security in the market. Meanwhile, in the US and Europe, Gemini reveals that this rate is 33%.
Inflation Increases Adoption of Digital Currencies
The report notes a correlation between the inflation rate of Latin American countries and cryptoasset adoption. Although the real is valuating in 2022, the Brazilian fiat currency has depreciated 218% against the dollar over the last ten years.
Therefore, for Gemini, the adoption of cryptassets may be related to the increase in inflation and the devaluation of fiat currencies, as is the case in Mexico. Ranked second in Latin America for crypto adoption, the Mexican Peso has depreciated 67% against the dollar in the last decade.