Survey: Cryptocurrency Adoption to Grow Significantly This Year in Latam

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 Indicates 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 company indicates that countries like Argentina and Brazil will experience big gains when it comes to cryptocurrency adoption. For example, in Argentina, the number of people buying cryptocurrencies is expected to more than triple, going 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 so popular yet are projected to experience an even bigger growth rate. This is the case with Peru, where with just 12% of the surveyed stating they have the intention of purchasing crypto, there is a projected growth of more than 1,000% regarding this metric.

Patrick O’Neill, director of Sherlock Communications, stated:

Our survey has revealed that Latin America is about to experience a huge increase in the incorporation of digital currencies in 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 crypto adoption in the region, with some countries like Argentina and Venezuela facing important economic challenges where crypto can serve as a solution. According to a Latam-centric report from the same firm, 58% of Argentinians say that protecting their assets against inflation would be their main objective when investing in crypto. Portfolio diversification is an important reason to invest in Brazil, with 55% selecting it as their reason to invest in crypto.