Survey: 48% of Brazilians want Bitcoin to be legalized
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Survey: 48% of Brazilians want Bitcoin to be legalized

Saudu Clement
Saudu Clement

A survey conducted by Sherlock Communications in conjunction with research platform Toluna has revealed that nearly half of Brazil’s population wants the government to adopt Bitcoin.

According to local news outlet Valor Investe, 48% of Brazilians appear to be pro-Bitcoin. While 31% of the respondents agreed to the idea of legalizing Bitcoin, 17% strongly agreed with it.

Apart from Brazilians, the study also polled people from Argentina, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico. However, "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."

When asked about the status of cryptocurrencies in Brazil, 31% of those surveyed said there was some progress in the country, while 35% said the South American country is still lagging behind other countries.

Meanwhile, 23% of the respondents suggested that many more users will enjoy Bitcoin exposure in the future. Only 4% think there's no future for that in Brazil.

The study further revealed that Brazilians invest in Bitcoin mainly to diversify their portfolios, with over half of those sampled doing so. 39% of Brazilians invest in Bitcoin for protection from inflation and economic instability, and 37% of respondents said they buy BTC and cryptocurrencies to keep up with technological trends.

Interestingly, out of the total number of people surveyed 92% knew about Bitcoin compared to only 31% that know about Ethereum.