Latin Americans Most Optimistic About Cryptocurrencies

Latin America and the Middle East are where cryptocurrencies are most interested, while Europe is at the bottom, Ripple research identifies.

According to research conducted by blockchain company Ripple, residents in Latin America are the most optimistic about the digital asset industry. 50% of those surveyed think the sector will cause a significant impact on the financial system, while 74% prefer to deal with businesses that accept cryptocurrencies. Europeans, on the other hand, are more interested in experiences than physical and digital assets.

Ripple’s research suggests that residents of economically disadvantaged regions find cryptocurrencies and blockchain technology far more attractive than developed nations. According to the analysis, Latin America and the Middle East are the two areas where this industry is most interested.

Two-thirds of Latino respondents said they are more likely to deal with institutions that accept crypto payments, while 50% believe the sector will have a “major financial and social impact.”

Citizens of Middle Eastern countries also reacted similarly. 67% said they would like to transact with businesses that use digital assets as payment.

Those residents are also most inclined to invest in Bitcoin or altcoins personally. Interestingly, they have shown great confidence in their local banking institutions, and 65% of respondents would buy crypto from there instead of an exchange.

Europeans, on the other hand, seem the least curious. Only 35% think digital assets will positively affect the currency network in the future, while 41% will deal with businesses that accept crypto payments.

“Generally speaking, Latin America (LATAM) is the most optimistic about the value of blockchain and its tokens, with the Middle East and Africa (MEA) and North America somewhat less so, and Europe the most conservative.”

The Ripple survey also covered non-fungible tokens (NFTs). Despite the great interest last year and the fact that many celebrities, sportspeople, and musicians have entered the space, many consumers still find the problem confusing. Most people who want to buy an NFT will do it for functional rather than emotional reasons.

Another recent study conducted by payments giant Mastercard revealed that 51% of Latin American consumers had made at least one transaction with digital assets. Additionally, 33% used stablecoins for daily purchases.

More than half of Latinos polled said they consider crypto a successful investment tool, and two-thirds would like to own a hybrid payment option that allows both cryptocurrencies and traditional payment methods for daily activities.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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