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A new study reveals that almost 50% of one South American countrys residents say they would welcome the adoption of Bitcoin as their official currency.

A survey cited by So Paulo-based financial education website Valor Investe polled 2,700 respondents from Brazil, Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela and Mexico.

The study shows that nearly half of Brazilians want their country to join El Salvador by recognizing Bitcoin as legal tender.

Brazilians were the biggest advocates of crypto-recognition in the region, with 56% supporting El Salvadors approach and 48% saying they want Brazil to adopt it as well Another 30% neither agree nor disagree and 21% are against the idea (12% disagree and 9% strongly disagree).

According to the poll, there are three primary factors motivating Brazilians to invest in cryptocurrencies.

About the main reasons for investing in cryptocurrencies, Brazilians mention: to diversify investments (55%), protect against inflation and financial instability (39%) and follow the technology trend (37%).

The survey also mentions that only 12% of the residents polled say that they are not looking to invest in cryptocurrencies. Of those who do not consider entering the crypto markets, 42% cite security concerns, 37% bring up volatility and 33% say they lack the money to invest.

Lastly, the study shows that Bitcoin is the most well-known crypto asset in the country (92%), followed byEthereum (31%) and Litecoin (30%).

Featured Image: Shutterstock/Skorzewiak

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Nearly Half of This Countrys Residents Would Welcome the Adoption of Bitcoin As Official Currency: Report - The Daily Hodl