The openness of Brazil to new technologies and proposals has allowed cryptocurrency to grow to new heights. According to a recent survey conducted by Datafolha and Paradigma Education and commissioned by Hashdex and Coinbase, cryptocurrency continues to gain new ground recently overcoming the popularity of gold and stocks.

The survey interviewed over 2,000 people in different parts of the country, finding that the most popular investment tool for Brazilians was, unsurprisingly, a savings account. The second most popular investment option is real estate, with 31% of the sample having dipped their toes into these opportunities.

Cryptocurrency (16%) ranked as the fifth most popular investment in the country, behind other options such as money under the mattress (24%) and investment funds (19%). Nonetheless, cryptocurrency scored big wins against other traditional investments, including dollars and foreign currency, bonds, gold, and stock.

Crypto’s remarkable position, even overcoming options like the U.S. dollar, has experts thinking about the profile of the Brazilian investor and how citizens prefer stablecoins to actual physical banknotes due to the opportunities offered by the latter.

Paula Zogbi, analysis manager at fintech Nomad, commented that these results reveal that a group of Brazilian investors are high-risk, high-reward market participants. This is evidenced by a “preference for exposure to an extremely volatile asset that is sensitive to news events, without a counterpart in hard currency in the portfolio,” she declares.

This is also related to the appreciation that Brazilians, in general, have of cryptocurrency, with 29% of the polled stating that cryptocurrency was similar to bets and 45% comparing them directly to stocks.

Marcelo Sampaio, CEO of Hashdex, declared that these findings confirm that the size of the crypto market in the country is huge but that there is room for improvement regarding other investment processes linked to crypto, like staking.

“This data reinforces the need to expand knowledge about this asset class so that more Brazilians can take advantage of its potential,” he concluded.

Read more: Hints of Consensus Around Bitcoin as a Reserve Asset in Brazil Arises

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