Based on a new study by Bitso, a well-known crypto trading platform in the LATAM region, a noteworthy 75% of Argentinians have displayed some level of “awareness” about cryptocurrency. To arrive at these findings, the exchange surveyed 1,243 people across Buenos Aires and the 23 provinces in mid-June.
Though this “awareness” level seems high, the data is nuanced. Of the total respondents, about 15% confessed complete ignorance about crypto. The rest of the respondents were split with 34% having heard about crypto and 45% confidently stating that they know what cryptocurrencies are.
It is of particular interest that the crypto familiarity trends revealed a significant skew towards the younger generation. An impressive 90% of respondents aged between 16-29 exhibited some knowledge about cryptocurrency and the mechanics of coin trading.
However, this rising awareness does not seem to be converting into trust or active adoption. The study paints a picture of significant skepticism with 53% of the respondents having “little or no confidence in cryptocurrencies”. A paltry 8.5% of the participants expressed total or high confidence in crypto’s future.
The Bitso researchers propose that these low confidence levels stem from wariness about the volatility of crypto assets as well as the prolonged crypto winter. Trading volumes on their platform offer additional insight into this observation.
Another study conducted in May by Consenys and YouGov echoed similar findings. The survey reached over 1,000 Argentines aged 18-65 and found that more than 90% of the participants had heard about crypto assets and about a third had held or traded coins in the past.
As Argentina continues to grapple with ongoing inflation, with the fiat peso in a steady decline since 2018, there have been rumblings about different alternatives. While some suggest adopting the US dollar completely, there is a growing chorus thinking about replacing fiat money with Bitcoin (BTC).
Meanwhile, as crypto adoption is set to rise, regulators are swiftly working towards introducing stricter regulations for the crypto sector, reaffirming the tension between the urge to adopt new technology and the necessity for comprehensive oversight.
Source: Cryptonews
