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48% brazilian want bitcoin their official currency

Brazil became the second country in the world (behind only Canada) to approve the launch of a Bitcoin exchange-traded fund in March 2021.

According to a new poll, 48 percent people in Brazil want to make Bitcoin an official currency in their country.

Brazilian newspaper Globo said that 30 percent of the respondents of the poll disagree with such a proposal, while 21% strongly oppose it.

The share of Brazilians who say that they would not invest in crypto has dramatically dropped from 33% in 2020 to just 12% in 2021. Security concerns, high volatility and a lack of money are cited as the top reasons.

Brazil became the second country in the world (behind only Canada) to approve the launch of a Bitcoin exchange-traded fund in March 2021.

El Salvador, a small Central American country, made a trailblazing move on Sept. 7 by officially adopting Bitcoin as legal tender. The historic day, however, was tainted by a major cryptocurrency self-off as well as some technical issues faced by the government-backed Chivo wallet.

The cryptocurrency community expects that El Salvador is only the first domino to fall on the path to hyperbitcoinization.

Brazil has the highest share of those who support the tropical country’s big Bitcoin gamble among other Latin American countries, such as Argentina, Columbia, Chile and Costa Rica.

On Sept 13, Bitcoin was trading around $44,600 while Ether value in market was fluctuating around $3200. A few days ago Bitcoin hit $52,000 level while Ethereum mounted to $3,900, but the cryptocurrency could not hold the spike due to different reasons, including profit taking and anti-Bitcoin speculations.

Meanwhile, a recent poll conducted by YouGov shows that 27% of Americans would support adopting Bitcoin as an official currency alongside the U.S. dollar. As expected, millennial men are the most crypto-friendly demographic.

Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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