A survey conducted by Binance revealed that more than half of all cryptocurrency users in Latin America utilize crypto as a long-term investment, choosing to hold onto their digital assets. The survey, which polled 10,000 users from Argentina, Brazil, Colombia, and Mexico, indicates that the number of users in this group exceeds the number of users who use crypto for daily trading.
Binance Found Latam Investors See Crypto as a Long-Term Savings and Investment Vehicle
Latin America investors have shown that they are quite particular when it comes to using crypto. A recent survey by Binance, one of the largest cryptocurrency exchanges, revealed that Latam investors prefer to use cryptocurrency as a long-term savings and investment tool, rather than leveraging it as a day trading asset.
The Binance survey, which polled 10,000 users from Latam markets like Argentina, Colombia, Brazil, and Mexico, found that 50.3% of the users polled, one of each two customers, preferred to use cryptocurrency as an investment tool. In the second place in the list of adoption use cases, 18.8% of the users polled declared they traded with these assets daily.
Other use cases also were found in the Binance poll, including peer-to-peer (P2P) transactions with 8.4%, decentralized finance applications with 8.2%, and purchases with (4.9%). While crypto in Latam has been traditionally linked to sending and receiving remittances, the use case only registered marginal levels of adoption, reaching only 3.4% and falling even below non-fungible tokens (NFTs), which scored 4.8% of adoption.
Binance also delved into the motivations Latam investors had for putting their funds into crypto. The top reasons included the high yields that benefit investors in the field (20.3%) and the financial freedom these provide (15.2%). Other reasons included inflation and devaluation hedging, innovation, portfolio diversification, and privacy.
Guilherme Nazar, regional vice president of Binance for Latam, stated:
Latam is a very important region for Binance, and we believe there is room for significant user growth, based on the specific demands of users in each country.
