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.
