Binance, the world's largest cryptocurrency exchange, conducted an extensive survey among Latin American investors to find out how they use cryptocurrencies and how willing they are to hold digital assets for the long term. The survey included 10,000 users from Argentina, Brazil, Colombia and Mexico.
The survey results revealed that 50.3% of respondents prefer to use cryptocurrencies as a tool for long-term savings. This group of users sees digital assets as a reliable way to preserve capital for the long term. At the same time, 18.8% of respondents said they trade cryptoassets on a daily basis, actively participating in the markets and capitalizing on their volatility.
Interest in cryptocurrencies in Latin America is also evident in other forms of use. For example, 8.4% of users make P2P transactions, and 8.2% of cryptocurrency holders use decentralized financial applications (DeFi). Despite the popularity of cryptocurrencies for money transfers, only 3.4% of respondents admitted to regularly using them for this purpose. Paying with cryptocurrencies for goods and services turned out to be not so common: only 4.9% of respondents use them as a means of payment. Also worth noting is the interest in non-fungible tokens (NFT), which are purchased by 4.8% of Latinos.
Binance analysts also asked questions about the reasons that encourage local investors to invest in cryptocurrencies. The main motive for investing is high returns, as stated by 20.3% of respondents. Another 15.2% believe that cryptocurrencies will help them achieve financial freedom. Other reasons included protecting savings from inflation and devaluation of government currencies, investing in innovative technologies, diversifying their investment portfolio and seeking privacy.
Guilherme Nazar, Binance's Regional Vice President for Latin America, emphasized the importance of this region for the company. He emphasized that Latin America is of particular importance to Binance and expressed confidence in the significant growth of cryptocurrency users in the region, given the specific needs of users in each country.
According to a Gemini crypto exchange study conducted two years ago, Latin America is leading the way in terms of crypto investor growth. Cryptocurrencies are spreading especially fast in Brazil. Uphold CEO J.P. Thiriot has previously suggested that Latin American countries will lead the way in bitcoin adoption due to the large number of unbanked people.
A Binance survey shows that interest in cryptocurrencies in Latin America continues to grow. Investors see digital assets not only as a means for long-term savings, but also as a way to protect themselves from economic instability, an opportunity for financial independence and investment in innovation. This data confirms that cryptocurrencies are becoming an integral part of the region's financial ecosystem.
