Bitcoin Dominates Latin American Portfolios: Bitso Report
A recent report by crypto exchange platform Bitso has revealed that Bitcoin (BTC) makes up 53% of user portfolios in Latin America. According to the report, Bitcoin represented over half of clients’ portfolios in the region by the end of 2023.
Shifting to Cryptos Amid Economic Turbulence
In response to economic instability, countries in Latin America are increasingly turning to cryptocurrencies as a lifeline. Brazil leads the way with 58% of total holdings in Bitcoin, although altcoins make up the most diverse crypto portfolios.
Mexico sees Bitcoin as the preferred cryptocurrency for 40% of purchases, while XRP also holds a significant presence due to international transfers.
Rise of Female Crypto Adoption
The report highlights the growing participation of women in the crypto space, especially among older age groups. In Latin America, 44% of female crypto adopters are aged 65 and above. Colombia and Brazil have the highest number of women using the platform, with Colombia accounting for 33% and Brazil at 31%.
In Mexico, women accounted for 37% of Bitcoin purchases made with Mexican Pesos during the second half of 2023.
Long-Term Holders Trust the Crypto Ecosystem
Data suggests that long-term crypto holders in Latin America continue to hold their digital assets, indicating their trust in the ecosystem’s future growth. These investors are waiting for a new “crypto summer” and believe that the market will thrive.
Argentinians Favor Digital Dollars over Bitcoin
Bitso’s report reveals that digital dollars like USDC and USDT are among the fastest-growing cryptos in Argentina. Stablecoins make up 26% of the average portfolio of Argentinian users, driven by the country’s high inflation rate of 211.4% in 2023. This economic environment incentivizes consumers to seek more stable options to protect their money from devaluation.
In Argentina, digital dollar acquisitions exceed those of other cryptocurrencies, with 60% of total purchases compared to 13% for Bitcoin.
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