JAKARTA The recovery of the crypto market led by Dogecoin (DOGE) in recent days has made the crypto community cheer again. One of them is the founder of Cardano (ADA) Charles Hoskinson who stated that crypto adoption would increase.
According to Hoskinson, the increase in digital asset adoption was caused by a failure of fiat currencies. As is known, fiat money is currently experiencing inflation. Fiat money has failed in several countries.
"Crypto will get a lot of adoption because sovereign currencies have failed," Cardano founder Charles Hoskinson said in a Twitter post, October 31, 2022.
Hoskinson made this prediction based on CLA Da Silva's recent victory as Brazil's new president. Da Silva previously served as President of Brazil but was jailed in 2017 on corruption charges. The Supreme Court's decision finally released him.
According to Hoskinson, South American countries are experiencing a left-wing wave, which he believes will impact the region in the next decade.
Crypto Adoption in South America
Chainalysis' analytic firm report recently noted that crypto adoption in South America has grown by 40% in the last 12 months. The report states citizens in the region adopt crypto as a way to hedge inflation, make remittances, and seek profit.
In Brazil, for example, authorities recently noted that more than 1 million Brazilians bought crypto from local exchanges operating in the country in July. There is no data about those buying from foreign exchanges as only local platforms are required to report user transactions.
Tax authorities also revealed that more than 12,000 companies stated that they held cryptocurrencies in August. Meanwhile, Brazil is just one of the countries in South America where crypto adoption is increasing. There appears to be a pattern of increasing crypto adoption in a struggling economy faced with a decline in national currencies.
In September, this happened in the UK when the UK's Pound Sterling drop caused a massive spike in trading volume between Bitcoin and Pounds. The CryptoCompare report revealed that trading volume peaked at an 8,846 million on September 26, as reported by CryptoSlate.
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