The crypto sector is growing increasingly popular in all parts of the world as some Latin Americans want to make payments with crypto. The South American continent has a fast-growing crypto space, with some countries like Venezuela, its Central Bank Digital Currency. Bitcoin became very popular in most countries around 2017 when everyone was scared of missing out on the digital asset trend.
Although Bitcoin’s price crashed around that year, many people got exposed to the sector and started buying the digital asset in the hope of recording significant gains. With easy accessibility and enough publicity, even institutional buyers have joined the digital asset investment race. The endorsement by mainstream firms like PayPal and American Express has helped people gain confidence in the industry.
25% of Latin Americans want to spend cryptos
New reports show that the natives are very interested in cryptocurrencies, and they want to use them as a payment means for goods and services. Usually, Bitcoin and other cryptos are used to hedge against the damaging effect of a bad economy. The asset will help investors preserve the value of their money and earn them an outstanding gain in the process.
Those Americans also want to use cryptocurrencies to buy products and other things. A Brazilian media shared the details of a recent Visa survey, where it asked credit card users from that continent if they would like to use cryptocurrencies. Around 25% of the participants revealed that they are interested in experimenting with digital assets if they have the opportunity.
The survey, called the COVID-19 Consumer Sentiment survey, hopes to understand consumers’ preferences, especially during the lockdown period. A notable piece of information from the survey showed that almost 80% of the participants expect the use of new payment methods, including cryptocurrencies.
Interestingly, around 60% of the survey takers predict making payments through social media platforms, such as WeChat and others. Around 40% of the takers also expect payments to be authenticated by biometrics, such as fingerprints or facial recognition.
Venezuela tops South American’s crypto space
Participants also revealed that cryptocurrencies are one of their preferred means of payment as 25% of the survey takers want to experiment with the new technology. Some people prefer digital assets better than other asset classes due to their flexibility, safety and security.
Cryptocurrencies can not be stolen like gold or other valuable stones, making them suitable for different classes of people. It’s safe to note that North American countries are growing fast regarding digital assets, as the region records high volumes of Bitcoin and other cryptos.
Out of the South American countries, Venezuela remains the most dominant in the region’s crypto space as its disputed president has explored the technology through the digital Pedro’s creation. The president also hinted at more crypto surprises for its citizens as the leader hopes the industry would help the country recover against the pandemic’s effects. Due to the region’s receptiveness to cryptos, many businesses related to digital assets are in the country, helping the natives get structured services.