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12 out of 100 Argentines have already bought cryptocurrencies

Furthermore, 18% of the respondents stated that they have an interest in buying cryptocurrencies in the future.

A recent study carried out by Americas Market Intelligence (AMI) and published by TÉLAM, the official news agency of Argentina, revealed that 12 out of 100 Argentine adults have already carried out cryptocurrency operations at least once, be it a transaction or a simple transaction. Purchase of crypto assets.

That percentage demonstrates a significant growth in crypto adoption in Argentina and places the South American country higher than the statistics found for other countries in the region such as Brazil, which reached 7% adoption, and Mexico with 6%.

This report, based on 400 surveys of smartphone users from these countries in September 2021, confirmed the interest of Argentines in cryptocurrencies, where 18% of those surveyed declared having an interest in buying cryptocurrencies in the future.

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According to the study, Argentina is also above the average adoption rate in Latin America, which is 8%.

Analysts affirm that this growing adoption is explained by several reasons that derive from the economic characteristics of the country, where inflation and monetary restrictions have affected the population for years and adds to the high degree of digitization of Argentine society compared to its neighboring countries and distrust of the traditional banking system. The same report highlights that:

“Persistent mistrust of banks has limited the growth of digitization and has kept the use of cash despite consumers becoming comfortable with digital tools.”

Another important factor already mentioned has to do with inflation and monetary instability in Argentina, which makes cryptocurrencies such as bitcoin and ETH interesting investment and savings options even though they are still volatile.

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Finally, another reason cited in the report has to do with remittances and the percentage that Argentines have to pay to send and receive remittances, which is 5.5%, to other countries. The use of cryptocurrencies bypasses these platforms and allows users to move their funds for much lower costs.

The study also sees potential in the future growth of cryptocurrencies as an investment product. 18% of respondents stated that they have an interest in investing in crypto in the future, having never done so before. Of these, 54% stated that the protection of their savings was a key benefit of cryptocurrencies.

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