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Ruholamin Haqshanas
Author
Ruholamin Haqshanas
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Cryptocurrency adoption in Latin America is on the rise, with more investors diversifying their portfolios, according to the latest Crypto Landscape in Latin America report from Bitso.
The study reveals that in 2024, the number of Bitso’s Latin American clients grew by 12%, reflecting a broader shift toward digital asset investment.
Notably, 38% of users now hold at least three different cryptocurrencies, indicating a preference for more sophisticated investment strategies.
Stablecoins Gain Popularity Amid Economic Challenges
With inflation and currency devaluation impacting multiple Latin American economies, stablecoins such as USDC and USDT have become key assets for preserving value.
The report shows that 39% of total crypto purchases in 2024 were in stablecoins, up from 30% in 2023.
Meanwhile, Bitcoin purchases dropped to 22%, a decline from 38% in 2023. This trend is largely attributed to Bitcoin’s increasing price and the rise of the “HODL” (Hold On for Dear Life) strategy.
While Ethereum (ETH) and Solana (SOL) maintained their market positions with 5% and 4% of total purchases, respectively, interest in meme coins surged.
PEPE’s purchase volume increased by nearly 5 percentage points, while Dogecoin (DOGE) climbed to 2%, signaling heightened speculative interest in these tokens.
Another standout performer in the region was XRP, which saw a resurgence in popularity, reaching 9% of total purchases.
Furthermore, while 25 to 34-year-olds continue to be the dominant crypto investors (34%), older generations are showing greater interest.
Investors aged 45 to 54 increased their trading activity from 13% to 14%, while the 55 to 64 age group grew from 5% to 6%.
Advanced trading is also growing in popularity. Bitso Alpha, the company’s professional trading platform, saw a rise in transaction volume comparable to its beginner-friendly counterpart, Bitso Classic.
The report highlights that Bitso Alpha users executed an average of 32 trades in December 2024, reflecting increased financial education and a more strategic approach to crypto trading.
Regional Trends Driving Crypto Growth
Cryptocurrency adoption is accelerating across Latin America, fueled by economic challenges and increasing financial awareness.
In Argentina, where inflation has exceeded 100%, stablecoins have become a crucial hedge against economic uncertainty.
With relaxed capital controls, adoption surged, driving an 11% increase in Bitso’s user base to 1.6 million.
Brazil also saw steady growth, thanks to regulatory clarity and a booming tech ecosystem.
The country’s crypto user base expanded by 6% to 1.9 million, with stablecoins making up 26% of purchases—a reflection of concerns over real depreciation and the rise of decentralized finance (DeFi).
In Colombia, restrictions on holding U.S. dollar bank accounts have made stablecoins the preferred alternative for investors.
Meanwhile, Mexico remains Bitso’s largest market, where cross-border payments continue to drive crypto adoption.
Bitcoin and USDT lead the market, with the peso’s 23% depreciation further pushing demand for stablecoins. This trend contributed to a 13% rise in Bitso’s user base, reaching 4.4 million.
