Latin Americans Most Bullish on Crypto, Ripple Study Found
According to a study conducted by blockchain company Ripple, residents of Latin America are the most inclined towards the digital asset industry. 50% of respondents believe the industry will have a significant impact on the financial system, while 74% prefer to transact with companies that accept cryptocurrencies. Europeans, on the other hand, are more interested in experiences than digital and physical assets.
Crypto thrives in less developed areas
Ripple’s study proven some previous suggestions that residents of regions with struggling economies find cryptocurrencies and blockchain technology much more intriguing than well-developed countries. According to the analysis, Latin America and the Middle East are the two areas of greatest interest in the industry.
Two-thirds of Latinos surveyed said they were more likely to transact with entities that accept crypto payments, while 50% believe the industry will have a “massive impact on finance and society.”
Citizens of Middle Eastern countries responded similarly. 67% said they would prefer to transact with companies that embrace digital assets as payment. These residents were also among the most likely to personally invest in bitcoin or altcoins. Interestingly, they showed great trust in their local banking institutions and 65% of respondents would buy crypto from there instead of exchanges.
Europeans, on the other hand, seem the least intrigued. Only 35% believe that digital assets will positively affect the future monetary network, while 41% would transact with businesses that accept crypto payments.
“Generally, Latin America (LATAM) is the most optimistic about the value of the blockchain and its tokens, the Middle East and Africa (MEA) and North America slightly less, and the most conservative Europe.”
Ripple’s investigation also touched on non-fungible tokens (NFTs). Despite massive interest over the past year and the fact that many celebrities, sportspeople and musicians have entered the space, many consumers still find the question confusing. The majority of those who wish to purchase NFTs would do so for functional rather than emotional reasons.
Many Latinos know how to perform crypto transactions
Another recent study by payment giant Mastercard found that 51% of Latin American consumers had made at least one transaction with digital assets. Additionally, 33% used stablecoins for their daily purchases.
More than half of Latinos surveyed said they consider cryptocurrencies a successful investment instrument and two-thirds want to own a hybrid settlement option that allows both crypto and traditional payment methods for transactions daily.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).
PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to receive up to $7,000 on your deposits.