Survey: Crypto Adoption as Inflation Hedge Takes Off in Brazil and Indonesia
A recent survey conducted by cryptocurrency exchange Gemini has revealed that crypto adoption spiked in 2021. Over 30,000 investors around the world acquired digital assets last year to curb the inflation plaguing their fiat currencies.
The survey, dubbed The 2022 Global State of Crypto report, showed that most crypto buyers became first-time owners in 2021.
Developing Nations Lead in Cryptocurrency Adoption
The study, which was carried out online between November 23, 2021, and February 4, 2022, revealed that developing nations such as Brazil and Indonesia topped other developed countries when it comes to cryptocurrency adoption.
The new survey showed that almost half (41%) of investors in both Brazil and Indonesia hold digital assets as opposed to the 17% of developed nations including the United States with just 20%, Europe with 17%, and Australia with 18%.
“Crypto adoption reached a true tipping point last year, becoming an established economic driver and a valued investment across the globe. We expect to see the influx of crypto investors continue into this year with concerns about inflation in the U.S. and globally driving interest,” said Noah Perlman, Chief Operating Officer at Gemini.
Per data retrieved from the survey, inflation is the major influencer of the massive adoption.
Women in Crypto
Data from the survey also shows that the gender imbalance in the industry will be mitigated in years to come as more women are showing interest in the digital asset sector.
The data shows that women are leading with over 50% among all the current investors from developing countries with Israel, Indonesia, and Nigeria topping the chart. Gemini also disclosed that 47% of women around the world plan to buy crypto in the coming year.
Education Remains Global Barrier to Adoption
Despite being extremely popular, cryptocurrencies are still complex for investors to understand. This is due to the lack of adequate educational resources on the asset class.
About 40% of respondents revealed that they would start their digital asset investment journey if more educational resources on cryptocurrencies were made available.
“Education also remains a global barrier to adoption, and providing investors with additional resources is key to bringing new users into the crypto ecosystem, especially women who make up a majority of the crypto-curious audience,” Perlman concluded.
Crypto adoption has continued to soar as investors recognize its massive potential. Last year, a CNBC survey found crypto to be the fourth most popular investment asset, and Visa discovered that 33% of Aussies would likely patronize banks offering digital asset services.
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