Cryptocurrency surging in popularity in Latin America and most definitely in Chile
Devaluation and inflation have lead to a surge in popularity and usage of cryptocurrency in Latam. In Chile, which has one of the worst levels of inflation in the region, the use of Crypto has risen so much it is almost the most popular choice of options in the market.
A Bain & Company survey noted that 23% of the polled answered that Crypto was their favored investment choice, which is a huge rise in recent times. The whole Latam region is witnessing a massive increase in both use of Crypto and using Cryptocurrency as an investment asset class.
Cryptocurrency is becoming more popular due to their high levels of return in certain situations. Volatility would normally rules out such an asset class, however with inflation and devaluation of “normal” currency then Crypto is taking over as the preferred asset class.
Chile approached a fintech law in October 2022, which would further give rise to the asset class and this pattern will not be unusual throughout the Latin America region.
Also Cryptocurrency exchanges are now able to open bank accounts in Chile, Buda being the first, and this yet again will give rise to what will likely be, in many years to come, the global way of doing things.
CleverRobot News Desk 15th January 2023