A report issued by the global KuCoin cryptocurrency exchange reveals that Brazilian users are adopting an increasingly positive attitude towards cryptocurrency investments. The Into The Cryptoverse report sheds light on vital metrics reflecting local sentiments on cryptocurrency adoption.
Inflation in Brazil, which surpassed the 10% annual mark, is making cryptocurrencies the go-to value storage instrument for the 34 million unbanked and underbanked population of the country. The given stratum that includes 18 to 60-year-olds, or 26% of the country’s population are investors in cryptocurrencies, having operated in decentralized space over the past six months. The report by KuCoin states that 64% of said investors are eager to continue their investment ventures in cryptocurrencies.
The potential for increased adoption in the country is highlighted by the fact that 21% of respondents are crypto-curious, 56% of whom are women, and 36% are already earning an average of $5,000 per year on their investments. However, there is room for improvement, since 39% of respondents are still considering investment options, 33% are unable to properly assess market conditions, and 27% do not understand the way cryptocurrencies and the market work.
Still, 62% of respondents are confident that cryptocurrencies are the “future of finance,” while 53% regard them as a reliable means of value storage. Given the effects of the pandemic on the country’s economy, 53% of Brazilians have resorted to the crypto market as a means of income in addition to their salaries, while 40% intend to invest in crypto as a means of improving living conditions. 50% believe that cryptocurrencies will ensure them with high income in the future.
The good news for KuCoin is that high digital adoption in the country has led 69% of respondents to resort to the exchange for their crypto operations. Such figures were made possible thanks to the extensive use of online bank transfers through local systems like Pix at 58% among users, and Apple Pay or PayPal among 57%.
Given that 90% of Brazilian crypto investors are intent on increasing their portfolios, the potential for scaling the market in the country is immense. More details on the report can be found on the official web page of the KuCoin exchange.