The year 2022 for cryptocurrencies has proven to be a disastrous year for the entire cryptocurrency sector. It has turned out to be a test of the cryptocurrency community’s patience ever since the year began.
Although the overall perception of people around the world surrounding cryptocurrencies has been bearish, the Latin American region seems to be bullish.
Latin America is Bullish about Cryptocurrencies
Recently, a survey has been carried out by the creators of the Ripple blockchain. The survey was conducted among Latin American residents to get their opinion and preference surrounding cryptocurrencies.
The survey results are extremely favorable for the cryptocurrency sector. It is like an assurance for the entire cryptocurrency sector. The cryptocurrency companies have a region where they would find full support if things go south in the rest of the world.
The survey results have revealed that the majority of the residents in the Latin American region are inclined toward making investments and supporting the cryptocurrency industry.
Among the total participants, 50% of participants claimed that the traditional financial sector will be impacted tremendously due to cryptocurrencies.
Of the total participants, 74% of participants claimed that they would prefer making transactions through platforms that support cryptocurrencies and digital assets.
Less-Developed Areas are more prone to Cryptocurrencies
The survey carried out by Ripple has made one thing very obvious, regions that have economies that are troubled are supporting cryptocurrencies on a larger scale.
The people with troubled economies are much more attracted to blockchain technology and digital assets compared to regions with strong economies. The Middle Eastern and Latin American regions are two zones where the cryptocurrency industry is thriving at a tremendous scale.
These regions have displayed great interest in digital assets and cryptocurrencies. This is the reason why cryptocurrencies have been constantly thriving in particular regions.
Survey Results for Middle-East
Ripple also carried out a survey among the people of middle-east but the number of contributors was lesser than in the Latin American region.
Out of the total number of participants in the Middle East, 50% of participants were one voiced with Latin Americans that cryptocurrencies will have a huge impact on the finance system.
Then there were 67% out of the total participants claimed that they would prefer transacting through platforms supporting cryptocurrencies.
However, 65% of the total participants shared their interest that they would buy cryptocurrencies if their banks provided the services. They did not prefer cryptocurrency exchanges for buying or selling cryptocurrencies.
Once again, this is a very strong signal for cryptocurrencies that they have the opportunity to expand and thrive in these particular regions. With the speed the particular regions are adopting cryptocurrencies and blockchains, the cryptocurrency sector would get a huge boost in near future.