Mexico Ranks Third in Latin America for Cryptocurrency Ownership
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Loading... - Rio Fraser
- 07 Aug 2024
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Cryptocurrency adoption in Mexico has seen remarkable growth, with approximately 3.1 million individuals now owning digital assets such as Bitcoin, Ethereum, Solana, Dogecoin, and Binance Coin. This figure represents 2.5% of Mexico's population, positioning the country as the third-highest in Latin America for cryptocurrency ownership, following Brazil and Argentina. Globally, Mexico stands at 16th place in cryptocurrency adoption, as per the Chainalysis Global Crypto Adoption Index.
Luiz Eduardo Abreu Hadad, a researcher and blockchain advisor at Sherlock Communications, remarked on the growing trend, stating, "It seems that Latin America is ready to ride the crypto wave." This sentiment is echoed by the increasing role of remittances in driving cryptocurrency adoption. In 2023, remittances to Mexico reached $63.313 billion, significantly boosting cryptocurrency exchanges and local currency transactions through platforms like Bitso Business, which reported a 60% growth.
The interest in the Mexican market among cryptocurrency exchanges continues to grow. Notably, Coinbase has expressed intentions to enter the Mexican market, offering cryptocurrency withdrawal services at costs up to 30% lower than traditional cross-border payment methods. This move highlights the region's growing enthusiasm for digital assets and the potential for further expansion in the cryptocurrency sector.
Overall, the increasing adoption of cryptocurrencies in Mexico and Latin America reflects a broader trend towards digital finance, spurred by factors like cost-effective remittance services and a growing interest in alternative financial assets.
