Bitcoin continues to be the most popular cryptocurrency in Latin America
Two dwarf garden. This bird species only lives in Latin America.
To celebrate its tenth anniversary, the Latin American crypto tours Bitso has published a report that takes a close look at the cryptol landscape of the subcontinent on 28 pages. You can find some interesting knowledge in it.
Overall, the report states, cryptocurrencies in the region are increasingly being in demand, whereby Bitcoin is still most popular. However, Bitsso also notes some striking differences between the countries of the subcontinent.
In Latin America, “a region that is traditionally plagued by financial instability and limited access to banking services,” writes Bitso founder Daniel Vogel, “the influence of cryptocurrencies is particularly clear.“The first hand was noticed“ how digital currencies have become vital for those who are not served by conventional banks. Krypto gives millions of people access to financial services for the first time and allow them to build up prosperity and protect themselves from inflation and currency devaluation.”
Basically, Bitcoin and stable coins are the most requested cryptocurrencies. The proportion of women among Bitsso customers increases faster than that of men, but the field is still shaped by men.
Which coins you buy and hold in Latin America
Bitcoin accounts for around 53 percent of the values in the Bitso users’ accounts, followed by stable coins, which, for example, in Argentina and Colombia 26 or. 17 percent. A little weaker, but the trend is similar in buying behavior: 38 percent of all invested funds flow in Bitcoin, 30 percent in stable coins.
An exception is Argentina, where digital dollars such as USDC and USDT are bought considerably more often than Bitcoin: 60 percent of all purchases are stable coins, only 13 percent are bitcoins. In Colombia, too, the proportion of stablecoin purchases at 31 percent is relatively high. In Mexico and Brazil, on the other hand, Bitcoin stands the most in front of the stable coins, with 40 to 28 or. 35 to 19 percent.
As far as the sexes are concerned, 27 percent of all users of Bitso are now female. In addition, Colombia and Brazil go, where the rate is over 30 percent. In general, women prefer bitcoin. For example, 37 percent of all Bitcoin purchases of women were made in Mexico. This could suggest that the investment is particularly important for women.
The regional differences go far beyond. For example, Colombia with a 60 percent increase in registered users is the fastest growing market, followed by Brazil with 31 percent, while Mexico and Argentina with 18 or. 16 percent grow slower. Most new users are young, around 63 percent under the age of 34.
The differences between the countries
Argentina is the country of the region with the highest inflation. In 2013, the peso’s dollar price increased by more than 200 percent. However, this high inflation does not create an incentive to buy bitcoins, but drives the country’s users to stable coins. When it gets hard, you obviously trust the dollar more than Bitcoin. Therefore USDC and USD are by far the most popular coins in Argentina.
The situation is different in Brazil, where the local currency, the real, is relatively stable. Not only is Bitcoin the preferred cryptocurrency, but there is also a remarkable interest in old coins and even meme coins. 58 percent of the values in the portfolios of the Bitso users are bitcoins, while 17 percent consist of old coins as Ethereum or Ripple, such as Shiba Inu. Nowhere in the region are memoins as common as in Brazil. Economic stability seems to encourage speculation.
The Colombian peso, on the other hand, is less stable, which has halved its value in dollars over the past ten years. This is still far from Argentine conditions, but still drives people to stable coins. Bitcoin remains the most traded cryptocurrency here, but the proportion in the portfolio is somewhat below average at 46 percent.
Mexico, on the other hand, is an established and somewhat slower growing crypto market. Here Bitcoin dominates as a cryptocurrency. It is striking that Ripple has a relatively high market share here, which is probably due to the remittance transfers from the USA.
“A special region”
All in all, the report concludes, the challenges and uncertainties at the end of the year have not inhibited the spread of crypto as well as the growth of the business. Customers continue to buy and use crypto and show “a renewed interest in established digital coins to escape volatility”.
Latin America is a special region that demonstrates remarkable enthusiasm for cryptocurrencies and is “one of the most vibrating and dynamic region in the world in the crypto space”. In the region, applications are tested and confirmed that go beyond trading and speculation. The constant economic instability of the region encouraging citizens to live “in crypto” instead of fiat money.