Is bitcoin legal tender in El Salvador
41% of respondents bought cryptocurrency for the first time in 2021
46% of respondents in Latin America believe cryptocurrency is inflation-proof
Crypto expansion continues to progress and is already well advanced in many areas. Cryptocurrencies like Mooncoin or Ethereum are becoming increasingly popular. bitcoin is now in el salvador legal tender, In a cross-national study, crypto exchange Gemini has now examined how well cryptocurrencies have established themselves in different countries.
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Gemini Study Shows Global Acceptance of Cryptocurrencies
The 2021 Gemini Study involved 30,000 people from more than 20 countries. The findings were published in the 2022 Global State of Crypto Report. Crypto owners and people who have never bought crypto currencies participated. Gemini comes to the conclusion that more and more people see cryptocurrencies as a suitable alternative to established means of payment or investment. Of the crypto owners surveyed worldwide, 41% said that they bought cryptocurrency for the first time in 2021. Of those who have never created a crypto custody account before, 41% said they were curious about cryptocurrencies. This percentage represents consumers who do not currently own a cryptocurrency but are interested, or have indicated that they plan to purchase the cryptocurrency in the next year.
Many of the respondents who have never invested in cryptocurrencies said they were concerned because of the lack or inadequate legal regulations in their country. In Europe, 36 percent of respondents said they did not invest.
Cryptocurrencies are seen as a store of value and a hedge against inflation.
According to the study, the world’s growing inflation A Significant Cause of the Crypto Boom In Latin America and Africa, 46 percent of those surveyed see cryptocurrencies as a suitable means of protecting themselves against inflation. However, in Europe and the United States, far fewer share this view, at 15 and 16 percent. The vast majority (79 percent) of global crypto owners said that they buy and hold cryptocurrencies for their potential as a long-term store of value.
However, the popularity of cryptocurrencies in a country also depends on how the respective national currency compares to the US dollar. In countries where the national currency has depreciated by 50 percent or more against the US dollar over the past decade, respondents were five times more likely to say they plan to buy cryptocurrency in the coming year. These include countries such as South Africa (32 percent), India (40 percent) and Brazil (45 percent), where the national currency has lost nearly a third of its value against the dollar.
M. Weiser / Editor finanzen.net
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