75% of Argentina’s population has crypto awareness, according to study

75% of Argentina's population has crypto awareness, according to study

Argentina’s Crypto “Awareness” Levels Rise to 75%: Exploring the Volatility Concerns

Source: allexxandarx/Adobe

Argentina, known for its economic volatility, has experienced a surge in crypto “awareness” levels, with a recent study revealing that 75% of its citizens are now familiar with cryptocurrencies. The study, conducted by Bitso, one of the leading crypto trading platforms in the LATAM region, surveyed 1,243 individuals across Buenos Aires and all 23 provinces of the country in mid-June.

While the study indicates a growing knowledge of cryptocurrencies, it also highlights concerns regarding token volatility. Around 15% of the respondents confessed to having no knowledge of crypto, while 34% claimed to have heard about it, and 45% stated that they understood what cryptocurrencies are. Interestingly, the highest level of crypto awareness was observed among teenagers and individuals in their 20s, with 90% of those aged 16-29 claiming to possess knowledge about cryptocurrencies and trading.

However, despite the high level of awareness, the study suggests that mistrust still persists within the sector. Approximately 53% of the respondents expressed little or no confidence in cryptocurrencies, while only 8.5% expressed either “total” or “high levels of confidence” in their future. Bitso researchers attribute this lack of confidence to the volatility of crypto assets and the aftermath of a prolonged crypto winter.

It is worth noting that this recent study is not the first to highlight Argentina’s growing interest in cryptocurrencies. A study conducted by Consenys and YouGov in May also revealed that over 90% of Argentines have heard of cryptoassets, with a third of respondents claiming to have held tokens or traded coins in the past.

Argentina’s ongoing struggle with inflation has prompted discussions about alternative currencies. While some advocate for adopting the US dollar, others propose embracing Bitcoin (BTC) as a solution. Inflation has long plagued Argentina, with the peso depreciating significantly since 2018.

As adoption of cryptocurrencies continues to rise in Argentina, regulators are taking steps to introduce stricter regulations in the sector. This move aims to strike a balance between protecting investors and fostering the growth of the crypto industry in the country.

Trading volumes on the crypto exchange Bitso over the past year. (Source: CoinGecko)

In conclusion, Argentina’s crypto “awareness” levels have risen significantly, with 75% of the population now familiar with cryptocurrencies. However, concerns about volatility and mistrust in the sector remain prevalent. As the country grapples with economic instability and inflation, the discussion around alternative currencies gains momentum. While some propose the adoption of traditional fiat currencies like the US dollar, others advocate for integrating cryptocurrencies, such as Bitcoin, into the economy. As the crypto industry continues to evolve in Argentina, it is crucial for regulators to strike a balance between nurturing innovation and ensuring investor protection.

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