Visa considers that institutions in Argentina will have to adopt cryptocurrencies due to their growing use. They warn that crypto assets represent a technological change for money movement worldwide.
Visa recently released a study on cryptocurrency and consumer attitudes in eight countries. They selected the markets of Argentina, Brazil, the United States, the United Kingdom, Germany, Australia, South Africa, and Hong Kong.
A total of 6,000 residents of the abovementioned countries participated in an online survey. The firm stated there is a significant awareness and adoption of cryptocurrencies.
Consumers are changing their approach to investing, conducting their banking transactions, and viewing the future of money. For that reason, Terry Angelos, Senior Vice President of Visa, said that all financial institutions would need a cryptocurrency strategy.
The payment network considers that cryptocurrencies represent a technological change for money movement. Institutions in countries like Argentina will have to adopt them due to the growth in their use.
Ninety-Four Percent of People Say They Know about Cryptocurrencies
The study by Visa indicated that 94% of those surveyed know what cryptocurrencies are. It also revealed that one-third of them already have crypto assets like Bitcoin. The firm noted that 21% of the respondents are active owners, while 11% are passive. At the same time, they highlight that 21% of them do not own them but are interested in acquiring them.
Visa noted that the purchase of cryptocurrencies is 21% higher in places with an unstable and weak economy than in developed countries. They explained that inflation and devaluation drove people to invest in them to preserve the value of money. This is happening in Argentina and the United States, where concern about the price is growing.
Sixty Percent of People Increased the Use of Cryptocurrencies in 2021
More than 62% of the participants in the survey owning cryptocurrencies stated they increased their use in the last year. The company noted that curious consumers are ready for adoption and could increase their engagement further.
Cryptocurrencies are a way to acquire wealth and a financial asset, said more than 40% of the respondents. They think people will buy goods, pay for services, and make national and international money transfers with them within five years. They also predicted that most consumers would use them in less than ten years.
Eighty-One Percent of People Want Cards to Operate with Cryptocurrencies
According to the study, 81% of respondents expressed that they were interested in using credit and debit cards to operate with them. That answer explains why MasterCard, the second-largest payment network, will allow payments with crypto assets.
Almost 40% of the people surveyed already owning cryptocurrencies said they would leave their banks if they did not adopt them. They know that they can use other financial platforms that integrate those assets and fiat money.
The study that Visa conducted proved that the interest in crypto assets is increasingly growing worldwide. Many people know that investing in Bitcoin will allow them to preserve the value of their money. Despite the current fall in prices in the market, the pioneering cryptocurrency has always recovered from its worst lows.
By Alexander Salazar
