KuCoin, cryptocurrency exchange has released a report – “Into The Cryptoverse” dedicated to the adoption of cryptocurrencies and decentralized technologies across the Brazil market.
The report highlights that the inflation in the country, which doubled over the past year to 10% annually, has contributed in large part to the transition of local users to cryptocurrencies as a store of value and means of payment.
Report revealed that 34 million young people, those living in rural areas are the main driving force of cryptocurrency adoption.
The survey reveals that 34.5 million Brazilians, which accounts for 26% of the population aged 18 to 60, are active crypto investors who have operated with digital currencies in the past six months. These young people are the main driving force of cryptocurrency adoption in the country.
The KuCoin Into The Cryptoverse Brazil report revealed important market touchpoints and factors
- 64% of crypto investors are looking to increase their investments, while another 21% are considered crypto-curious.
- 52% of investors are making above $10,000 annually. The core group of 36% of crypto-curious investors earns less than $5,000 a year.
- As per the gender, 56% of the crypto-curious are women.
- 62% of Brazilian crypto investors to consider cryptocurrencies to be the “future of finance”, while 53% regard cryptocurrencies as a reliable way to store the value of their assets.
- 50% crypto owners expect a high return from cryptocurrency investments in the long term, 40% intend to use the profit to improve families’ living conditions, and 36% see crypto as additional source of income.
- 75% of investors exchange fiat currencies for cryptocurrencies at least once every month. 58% of crypto investors use online bank transfer systems like Pix and 57% use digital wallets like PayPal.
- 69% of Brazilian users prefer to buy crypto on KuCoin using online bank transfers like Pix for its speed, low cost and convenience and 27% state that they do not understand how cryptocurrencies work.
- An average of 39% of Brazilian crypto investors are prudent, investing in crypto savings, while 17% invest in staking on a monthly basis.
- 46% of crypto users stated that the products offering passive income attract them to buy crypto. Another 46% of crypto-curious are looking for ways to best manage their portfolio risks, while 39% are still looking for the most suitable products.