Study shows that Bitcoin adoption in emerging markets is increasing
- A new study has found significant Bitcoin awareness and increasing adoption across emerging markets.
- 91 percent of respondents believe Bitcoin can enable a digital future.
- The study reinforces that consumers in emerging markets have a more positive approach to crypto.
Cryptexchange AAX today announced that a new contract study conducted by Forrester Consulting on behalf of AAX has found significant Bitcoin awareness and increasing adoption across emerging markets in Africa, Latin America, the Middle East and Southeast Asia.
According to the study, 74% of consumers in the surveyed markets were aware of Bitcoin, while 52% of respondents indicated that they had noticed an increase in Bitcoin use in their country in the last 12 months.
Interestingly, 91% of respondents believe that Bitcoin can enable a digital future, especially when it comes to providing a platform for payments and transfers that local banks may not be able to offer.
The findings indicate that despite recent price volatility, Bitcoin usage is likely to continue to expand in emerging markets as it fills a digital transaction gap. Data from the study point to a potential leap-frog effect that occurs when emerging market users use Bitcoin for multiple daily transactions.
Additional factors that drive the use of Bitcoin in emerging markets include enabling consumers to become financially independent, dissatisfaction with existing financial services and the need for additional funds to make and receive payments or transfers.
For many users in emerging markets, Bitcoin offers an alternative to the banking system that is easier to access, more secure and protected from government intervention, says Ben Caselin, head of research and strategy at AAX.
We believe that this study really shows us the potential of Bitcoin to run a different, fairer and more inclusive financial system for all – not just an investment fund for institutions and a prosperous minority.
Forrester conducted a survey of 806 consumers across Africa, Latin America, the Middle East and Southeast Asia. The company also conducted eight qualitative interviews with senior decision-makers at financial institutions across the four regions. The study began in February 2022 and was completed in June 2022, which was a period of price volatility for Bitcoin.
The study reinforces that while emerging markets remain conservative in the use of Bitcoin as a digital currency due to value, security, regulation and socio-political concerns, consumers in emerging markets have a different perspective.
