In a new research from the JPMorgan-backed neobank C6, then crypto adoption in Brazil is going well. In particular, the more affluent part of the population is aware of the emerging asset class. An example of that adoption is Brazil’s Nubank, which already has 1 million users within one month of its launch.
84 percent aware of crypto
C6’s survey was done among 2,000 individuals who fall under income classes A through C. Whereas group E earns up to twice the minimum wage, group A is about at least 20 times the minimum wage. Thus, mostly wealthy individuals participated in C6’s survey.
Among that group, 84 percent of respondents appear to be aware of crypto, but only 16 percent know what a token like bitcoin is. Just under one-third of respondents say they have yet to form their opinion. A quarter of the group is interested in investing in the future.
Some indicate they have already invested, but with mixed results. One percent who have ventured out say they never want to invest again in the future. While 9 percent say they have crypto and want to buy more in the future. However, 20 percent say they don’t trust the industry and will likely never invest.
Young men in particular are investing
With the data from neobank C6, it is also possible to profile the average Brazilian investing in crypto. Especially Brazilian men between 25 and 44 are currently considering investing in crypto. When it comes to knowledge, there appears to be a gap in both age and gender.
20 percent of Brazilian women say they know nothing about crypto, while among men it is only 14 percent. Among those aged 60 or older, 27 percent say they know nothing about bitcoin and crypto. Among Brazilians under 24, that percentage is only 13 percent. Crypto in Brazil is therefore mainly a revolution among young people and men.
Crypto branch Nubank within three weeks at 1 million users
Brazilian neobank Nubank, which is remarkably funded by crypto-hater Warren Buffet, has brought in 1 million users within three weeks with its new crypto branch. “We’re hugely impressed with the speed. It was a goal for the next year, but we achieved it within three weeks.” said CEO and co-founder David Vélez.
Nubank’s crypto branch was launched in May this year for all 46.5 million of the bank’s users. So, with 1 million users in three weeks, it has managed to win over 2 percent of all customers in record time. Looking at the overall level of crypto adoption in Brazil, there seems to be even more growth potential.
Indeed, C6’s survey shows that 9 percent of respondents have crypto and want to invest more in the future. A funny fact is that Nubank announced at launch that they wanted to invest 1 percent of their cash reserves in bitcoin. Something that was probably not received with too much enthusiasm by investors Warren Buffet.