Sherlock Communications has released a new survey that presents a positive outlook for the future of cryptocurrency in Latin America. According to the report, countries such as Argentina or Brazil are likely to see big gains in cryptocurrency adoption. In Argentina, for example, the number of people who buy cryptocurrencies will more than triple. It is projected that it will go from 5.55% up to 18.4% and grow by 235%.
This optimism is not limited to Argentina. This optimistic outlook is repeated in all other countries in the region. The third country on the list is Argentina. Brazil leads the list with 25% of those surveyed saying they plan to purchase cryptocurrency. Colombia is next with 22.3%.
Other countries, where crypto is less popular, are expected to see a higher growth rate. Peru is an example of this. With only 12% of respondents indicating that they intend to purchase crypto, the projected growth in this metric is more than 1,000%.
Patrick O’Neill, Director of Sherlock Communications stated:
Our survey revealed that Latin America is poised to see a significant increase in digital currencies being incorporated in many countries.
The Reasons for Expected Growth
One of its earlier studies on the crypto scene in Latam said that the growth is due to the unique circumstances citizens are in. In some Latam countries, trust in financial institutions and financial organizations is low. There are also low levels of banking inclusion.
Crypto adoption has also been influenced by crises, as countries such as Argentina and Venezuela face serious economic problems that crypto could help solve. A Latam-centric report by the same company found that 58% of Argentinians believe that crypto investment would help them protect their assets from inflation. It is a reason that 55% of Brazilians choose to invest in crypto.