Argentina’s crypto “awareness” levels have reportedly reached 75%, according to a recent study conducted by Bitso, one of the largest and busiest crypto trading platforms in the LATAM region. The study surveyed 1,243 individuals across Buenos Aires and all 23 provinces of the country in mid-June of this year. While over 34% of the respondents stated that they had heard about cryptocurrencies, 45% claimed to have a solid understanding of what cryptocurrencies actually are.
Interestingly, the study revealed that the highest level of crypto knowledge was found among teenagers and people in their 20s, with 90% of individuals aged 16-29 reporting familiarity with crypto and its trading processes. However, despite this relatively high level of knowledge, the study also revealed a significant level of mistrust in the sector. Approximately 53% of the respondents expressed little to no confidence in cryptocurrencies, while only 8.5% exhibited high levels of confidence in the future of crypto.
One potential explanation for the low levels of confidence could be attributed to the perceived volatility of crypto-assets and the impact of a prolonged bear market, commonly referred to as the “crypto winter.” The survey findings appear to corroborate this hypothesis, indicating a lack of trust among the Argentinian population due to concerns over the unstable nature of digital currencies.
This study is not the first to highlight Argentina’s growing awareness and interest in cryptocurrencies. In a survey conducted in May, which focused specifically on individuals aged 18-65, more than 90% of respondents stated that they had heard of crypto-assets. Moreover, one-third of the participants in this survey disclosed that they either currently held tokens or had engaged in past crypto trading activities.
As inflation continues to rise in Argentina, some individuals have advocated for replacing the fiat peso with the more stable US dollar. However, others have proposed that cryptocurrencies could serve as an alternative solution. It is worth noting that inflation is not a new issue in Argentina, as the country has struggled with spiraling inflation rates over the past two decades. The value of the peso has experienced a sharp decline since 2018.
Regulators in Argentina have been cautiously monitoring the crypto sector, given its potential impact on the country’s financial stability. As crypto awareness continues to increase, both positive and negative sentiments surrounding digital currencies persist, suggesting that there is a need for further education and understanding about cryptocurrencies within the Argentinian population.