Latin Americans most bullish on crypto, Ripple study found

According to a survey conducted by the blockchain company Ripple, the inhabitants of Latin America are the most inclined to the digital asset industry. 50% of respondents believe the sector will have a significant impact on the financial system, while 74% prefer to trade with companies that accept cryptocurrency. Europeans, on the other hand, are more interested in experiences than in digital and physical assets.

Crypto thrives in less developed areas

Ripple’s study proved some previous suggestions that residents of regions with troubled economies find cryptocurrencies and blockchain technology much more exciting than well-developed countries. According to the analysis, Latin America and the Middle East are the two zones where the industry enjoys the greatest interest.

Two-thirds of Latinos surveyed said they were more likely to trade with entities that accept cryptocurrencies, while 50% thought the sector would have a “massive impact on finance and society.”

Residents of Middle Eastern nations reacted in the same way. 67% said they prefer to trade with companies that embrace digital assets as a means of payment. These residents were also among the most likely to personally invest in bitcoin or altcoins. Interestingly, they showed great confidence in their local banking institutions, and 65% of respondents wanted to buy crypto from there instead of stock exchanges.

Europeans, on the other hand, seem the least fascinated. Only 35% believe that digital assets will have a positive effect on the future monetary network, while 41% will trade with companies that accept cryptocurrencies.

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

Ripple’s study also looked at non-fungible tokens (NFT). Despite the massive interest last year and the fact that many celebrities, athletes and musicians came into the area, many consumers still find the case confusing. The majority of those who want to buy NFTs will do so for functional reasons instead of emotional ones.

Many Latinos know how to perform crypto transactions

Another recent study conducted by the payment giant Mastercard showed that 51% of Latin American consumers had completed at least one transaction with digital assets. In addition, 33% have used stack coins for daily purchases.

More than half of Latinos surveyed said they view cryptocurrencies as a successful investment instrument and two-thirds want a hybrid settlement option that enables both crypto and traditional day-to-day payment methods.