A survey carried out by Block together with the firm Wakefield Research reveals that developing countries are more optimistic about the future of Bitcoin.
Block Inc. and Wakefield Research have released the results of a survey revealing interest in developing countries for the transformative potential of Bitcoin to boost their economies and improve the social standards of their citizens.
According to Block, formerly known as Square, Jack Dorsey's digital payments and financial services firm, developing countries have been increasing their reliance on Bitcoin as a decentralized, transparent and censorship-resistant solution that can empower people to improve their quality of life and boost their economic growth. All this, despite the current bear market in the crypto industry.
The price of Bitcoin is around $27.400 per unit, reflecting a drop of more than 60% from its all-time high price seen in November 2021. Still, this cryptocurrency is symbol of financial freedom, becoming a hedge against economic instability and an opportunity to overcome the restrictions of the current banking system, said the report.
The Block and Wakefield Research survey was conducted among 6.600 people from 15 different countries around the world earlier this year.
More optimistic than pessimistic about the future of Bitcoin
Comparing the results of its 2023 report with those of its 2022 report, Block notes that people are still more optimistic that pessimistic towards the potential and future of Bitcoin, even though the events that took place in the cryptocurrency industry last year affected the way people view and use Bitcoin in general.
Block highlighted that the attributes that Bitcoin offers, such as privacy, along with the ecosystem of services that have been built around the cryptocurrency, are improving people's perceptions of Bitcoin versus the traditional banking system. According to the company, 55% of respondents said they would choose privacy over functionality.
“Those who remain optimistic clearly see the usefulness of bitcoin beyond a means to make speculative investments and have begun to integrate it into their daily lives.”
The survey revealed that one of the greatest uses that society gives to Bitcoin today is the sending and receiving of remittances. According to Block, 86,8% of adults who currently own Bitcoin are part of a household that regularly sends or receives remittances.
Bitcoin offers people a more accessible, easier and safer route to enter the remittance economy, the firm noted, while highlighting not only decentralization and cross-border transactions with Bitcoin, but also convenience and privacy.
Vietnam, Brazil, China and Mexico, among the most optimistic countries towards Bitcoin
Currently, the developing countries that are being most optimistic towards Bitcoin and that are taking advantage of the advantages and potential that this cryptocurrency offers are Vietnam, Brazil, China and Mexico, where More than 80% of respondents expressed confidence in BTC.
In Nigeria, India, the Philippines and Colombia people also showed great optimism towards Bitcoin.
According to Block, these results reflect the growing adoption and awareness of Bitcoin in countries and regions where local fiat currencies are suffering from high inflation, devaluing people's purchasing power, deteriorating their quality of life and contributing to political instability. In this context, Bitcoin offers a series of advantages, which even go beyond economic aspects.
The firm highlighted that the advantages of Bitcoin also cover social, environmental and cultural aspects. In fact, 68% of respondents consider that Bitcoin can contribute to financial inclusion. Another 64% noted that cryptocurrency can reduce corruption and 61% believe that Bitcoin can foster innovation and creativity.
“Individuals and businesses seek an increasingly open and global economy while protecting their finances from global financial and political instability.”
Bitcoin is based on blockchain, a decentralized and secure technology, giving people access to a new form of digital money, which promises to be the money of the future, since it does not depend on banking intermediaries or governments or central authorities. For this reason, Bitcoin is appreciated as an instrument of financial empowerment, as well as an alternative to growing inflation and monetary devaluation and a gateway to the new global economy.
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