A recent report from Mexican cryptocurrency exchange Bitso shows notable data on growing cryptocurrency adoption in Latin America during the second half of 2023.
bitcoin and Stablecoins dominate the crypto landscape
He recently published Bitso's 'crypto Landscape in Latin America: Report 2H 2023' analyzed trends in the crypto market of some of the Latin American countries with the highest adoption of crypto, including Colombia, Argentina, Brazil and Mexico.
An analysis of user activity in Latin America demonstrated the growing popularity of cryptocurrencies in the region. Despite the challenges of limited access to financial services and high levels of unbanked people, some of the countries analyzed ranked in the top 20 in the world for cryptocurrency adoption.
The expansion of cryptocurrency adoption observed in the Latin American population during the second half of 2022 and all of 2023 suggests “remarkable cryptocurrency adoption” in the region despite local difficulties and cryptocurrency market volatility.
The report's regional data breakdown shows that Colombia has the highest year-on-year (YoY) growth in the region, with a +60% increase in registered users on the exchange. Brazil is in second place with a notable growth of 31%, while Mexico and Argentina showed an increase of 18% and 16% respectively.
It is worth noting that young people took the lead in Latin America, with approximately 63% of users being under 34 years old, an increase of 2% compared to 2022. Furthermore, this age group shows a greater tendency to adopt new technologies and Internet access.
According to the report data, the flagship cryptocurrency is the preferred one among Latin American users, while stablecoins come in second place. The presence of bitcoin represents 53% of Latin American users' wallets, slightly above the world average of 50.4%, according to the report.
Additionally, bitcoin accounted for 38% of total cryptocurrencies purchased in the second half of 2023, while stablecoins accounted for 30% of cryptocurrencies purchased in the region.
Additionally, stablecoins (USDC and USDT) were the fastest growing cryptocurrencies in the region, with Colombia and Argentina leading the adoption trend. The presence of stablecoins in Mexico and Brazil only represents 5% and 8% respectively, with Brazil standing out for having the most diverse market portfolio, ranging from bitcoin to altcoins and memecoins.
Women's crypto Adoption Increases with Age
Another notable finding of the report is the increase of women in crypto in the Latin American region, highlighting a notable correlation between age and adoption rate in cases of women.
According to the report, the proportion of women adopting cryptocurrencies globally increases as the age group of users advances. Women represent 21% of cryptocurrency users in the age range of 18 to 24 years, while users between 55 and 64 years old represent a 41% share.
Women aged 65 or older notably represent 43% of the proportion, being the group with the highest female adoption rate among all age groups.
Colombia and Brazil took the lead in the region, with both countries crossing the 70/30 ratio between male and female users. This suggests a slightly more developed and advanced landscape in terms of including women in technology and supporting women's financial independence compared to other countries in the region.
Women feel empowered to acquire cryptocurrencies with age, which could indicate a connection to women's later financial independence and stability compared to men.
The report's findings show that Latin American women prefer to buy more “stable” cryptocurrencies such as bitcoin and stablecoins.
It should be noted that 37% of bitcoin purchases with Mexican pesos in the second half of 2023 were made by women. In Colombia, the purchase of bitcoin by women using Colombian pesos represents 36% of the total, while purchases using Brazilian reals and Argentine pesos are lower, at 26% and 18%.
As the report details, women in Brazil and Mexico prefer bitcoin, while Argentine and Colombian women prefer stablecoins, suggesting that women in these countries view less volatile assets as a shield against the observed inflation and devaluation. in the region.
Ultimately, findings such as the prominence of bitcoin in Latin American wallets and the increasing presence of women in the industry point to a rapid increase in the acceptance of cryptocurrencies and a growing trust in digital assets as a vehicle to protect users. users and provide financial freedom around the world.
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