Forex in this article
Bitcoin is legal tender in El Salvador
41% of respondents bought cryptocurrencies for the first time in 2021
46% of respondents in Latin America consider cryptocurrencies to be inflation resistant
Crypto expansion continues to progress and is already well advanced in many regions. Cryptocurrencies such as Mooncoin or Etherum are becoming increasingly popular. Bitcoin is now legal tender in El Salvador. In a cross-country study, the crypto exchange Gemini has now examined how well cryptocurrencies have become established in different countries.
Gemini Study Shows Global Acceptance of Cryptocurrencies
The Gemini 2021 study involved 30,000 people from over 20 countries. The findings were published in the 2022 Global State of Crypto report. Crypto owners and people who have never bought cryptocurrencies participated. Gemini comes to the conclusion that more and more people are considering cryptocurrencies as a suitable alternative to established means of payment or investments. Among crypto owners surveyed globally, 41% said they first bought cryptocurrency in 2021. Among those who had never created a crypto custody account before, 41% said they were curious about cryptocurrencies. This percentage represented consumers who do not currently own cryptocurrency but are interested or have indicated that they plan to purchase cryptocurrency within the next year.
Many respondents who have never invested in cryptocurrencies said they had concerns due to the lack or insufficiency of legal regulations in their country. In Europe, 36% of respondents said they do not invest.
Cryptocurrencies are considered a store of value and a hedge against inflation
According to the study, rising global inflation is an important reason for the crypto boom. In Latin America and Africa, 46% of respondents see cryptocurrencies as an appropriate way to hedge against inflation. In Europe and the United States, however, at 15 and 16 percent, far fewer people share this attitude. The vast majority of global crypto owners (79%) said 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% or more against the US dollar over the past decade, respondents were five times more likely to say they plan to buy cryptocurrencies over the past decade. of the coming year. These include countries like South Africa (32%), India (40%) and Brazil (45%), where the national currency has lost about a third of its value against the dollar.
Mr. Wieser / Editor finanzen.net
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