48% of Brazilians want to make Bitcoin a legal currency

Besides Brazilians, the study also surveyed people from Argentina, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico.

48% of Brazilians want to make Bitcoin a legal currency

The survey was conducted by Sherlock Communications with the research platform, Toluna. The survey has found that 48% of Brazilians think their country should adopt bitcoin, with 31% agreeing and 17% strongly agreeing with the idea, reported local news outlet Valor Investe.

"Brazilians were the biggest supporters of recognizing bitcoin in the region, with 56% supporting El Salvador's approach and 48% saying they want Brazil to adopt it too," the study said.

According to the survey, 31% of respondents said that they see progress in the country in terms of cryptocurrency adoption in Brazil, while 35% said the South American country is still lagging behind other countries. Moreover, 23% of those surveyed said that there would be many more Bitcoin users in the future, and only 4% think there's no future for that in Brazil.

The study found that Brazilians invest in Bitcoin mainly as an investment diversifier, with around 55% of respondents doing so. Protection from inflation and economic instability came in second, amassing 39% of Brazilians. 

On the other hand, 37% of respondents said they buy Bitcoin and cryptocurrencies to keep up with technological trends, and 92% of those surveyed know about Bitcoin — compared to only 31% that know about Ethereum.

The study further said that Bitcoin exchange-traded funds in Brazil allow people to invest...in a regulated way, allowing more conservative investors to experiment with the cryptocurrency. The country has over 1.4 million Bitcoin and cryptocurrency users as well as 21 BTC ATMs across the country.

Read: India's Cryptocurrency Legislation Will Be Distinct and Unique: Jayant Sinha