KuCoin Report Says 34 Million Brazilians Imvest in Crypto

A global cryptocurrency exchange, KuCoin, has released the ‘Into the Cryptoverse Report’ dedicated to an analysis on the adoption of cryptocurrencies and decentralized technologies across the Brazilian market. A key takeaway from the report is that cryptocurrency adoption shall be fueled by the underbanked population, largely represented by young, rural, or low-income individuals. Let’s take a look at some of the uncovered statistics in a bit more detail:  

• 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. 

• 64% of crypto investors are looking to increase their investments, while another 21% are considered crypto-curious.

• Growing inflation in the country has forced 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. 

• Brazilian crypto investors are also trying to diversify their portfolios, allocating an average of 40% of investments to cryptocurrencies. Indeed, 1 out of 6 Brazilian crypto investors allocates more than 90% of their investment portfolio to cryptocurrencies. 

• The report also shows us that crypto investor activity is high, as 75% of crypto investors exchange fiat currencies for cryptocurrencies at least once a month. 

• 58% of crypto investors use online bank transfer systems like Pix and 57% use digital wallets such as Apple Pay or PayPal in the process. More importantly, the survey revealed that 69% of Brazilian users prefer to buy crypto on KuCoin using online bank transfers like Pix for its speed, low cost and convenience.

Aside from those takeaway points aforementioned, the ‘Into the Cryptoverse Report’ dives deep into a myriad of very topical statistics which, on the whole, point to a bright crypto-gilded future for Brazil. Now, the team at KuCoin are confident in the prospects of greater cryptocurrency adoption in Brazil and are looking to manifest a grounded approach to user education and product placement.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.