Bitcoin Reaches Golden Cross And Brazilians ready to copy El Salvador’s Crypto Move
Bitcoin finally reached the so-desired golden cross, which occurs when a short-term moving average crosses over a major long-term moving average to the upside, in the past day when it is trading over $48,000 again. The signal is interpreted by analysts and traders as a definitive upward turn in a market.
On top of that, there was a strong signal of possible further global adoption for crypto. Whereas mass media laughed when El Salvador, the poorest nation in Middle America, adopted Bitcoin as legal tender last week, it could be that another nation is about to copy their move.
Apparently some 48% of Brazilian citizens, mostly the millennial population, declared they would also like to see Bitcoin introduced as an official currency. With 211 million citizens, Brazil is the most populous nation in South America.
As multiple South American despots and rulers have used the option to devaluate native currencies to get out of an economic rut too many times in the past, the result is perhaps not too surprising.
Protection against inflation
A poll carried out in Brazil has just revealed that 48% of citizens would like Bitcoin to become their official currency (alongside the Brazilian real). The study cites “protection against inflation and financial instability” as the main reasons for investing in the king of cryptocurrencies.
17% of Brazilians also showed strong support and 31% moderate support. Only 21% rejected the idea of switching to a digital currency. The remaining 30% of respondents are indifferent to the subject.
The survey was conducted through the online research platform Toluna and looked at the support for Bitcoin and other cryptos in various other Latin American countries including Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela and Mexico.
Of all the aforementioned regions, Brazilians have shown the most support for the oldest crypto. When asked why they invest in cryptocurrency, 39% of respondents cite “protection against inflation and financial instability” as the biggest factor for possible future crypto adoption. Other major reasons are the diversification of investments (55%) and the monitoring of technological trends (37%).
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