TLDR
- Latin American crypto adoption grew 12% in 2024, reaching 9 million retail clients
- Bitcoin remained dominant but decreased from 57% to 49% of portfolios as users diversified
- Stablecoins gained popularity as protection against local currency devaluation
- User demographics show 38% are aged 25-34, with growing participation from 18-24 year olds
- Regulatory developments and Bitcoin ETF approvals boosted institutional confidence
The cryptocurrency landscape in Latin America underwent significant changes in 2024, shaped by inflation, currency devaluation, and evolving user preferences.
According to Bitso’s latest report, digital asset adoption continues to rise across the region, with particular growth in stablecoins as users seek financial alternatives.
The year 2024 marked a turning point for cryptocurrency adoption in Latin America. Bitso, the leading crypto platform in the region, reports a 12% increase in users, reaching approximately 9 million retail clients. Country-specific growth rates included 11% in Argentina, 6% in Brazil and Colombia, and 13% in Mexico.
Economic conditions played a key role in driving adoption patterns. In countries facing high inflation and currency instability, cryptocurrencies—especially stablecoins—became increasingly attractive as alternatives to local currencies. This trend was particularly evident in Argentina, where stablecoins dominated purchases, accounting for 72% of trading volume.
- “The depreciation of local currencies in Brazil and Mexico and macroeconomic instability in Argentina and Colombia influenced how users managed their digital assets,”
notes the report. Many experienced investors realized Bitcoin profits and reinvested in stablecoins or altcoins, showing growing market sophistication.
Portfolio composition changed notably across the region. While Bitcoin remained the dominant cryptocurrency, its share decreased from 57% in 2023 to 49% by the end of 2024. Meanwhile, stablecoins and alternative cryptocurrencies gained ground, reflecting users’ diversification strategies and increased risk appetite.
User demographics reveal interesting patterns. The 25-34 age bracket remains the largest group at 38% of all users, while younger users (18-24) increased their participation from 22% to 23%. The gender gap remains pronounced, with men comprising 61% of cryptocurrency owners globally and an even higher percentage in Latin America.
Trading behavior became more sophisticated in 2024. The report found that 42% of customers held one asset in their portfolio, while 26% maintained four or more different cryptocurrencies. This diversification trend suggests growing understanding of risk management principles among Latin American crypto users.
Global developments influenced regional adoption. The approval of Bitcoin ETFs in the United States, the introduction of Europe’s Markets in Crypto-Assets (MiCA) regulatory framework, and Bitcoin reaching all-time highs above $109,000 all contributed to increased confidence and investment in the sector.
“After a decisive year for the industry, marked by growth and optimism, the crypto market in the Latin American region experienced consolidation,”
states the report. This maturation process included more project-specific use cases and greater diversification in user behavior.
Looking ahead, Bitso anticipates continued growth in crypto adoption across Latin America, with stablecoins playing an increasingly important role as hedges against local currency volatility. The region remains fertile ground for crypto innovation, driven by necessity and growing financial literacy.
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