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Mexico Ranks Third in Latin America for Cryptocurrency Ownership: Blockchain Trends
- Currently, 3.1 million Mexicans own cryptocurrencies such as bitcoin, ethereum, solana, dogecoin or binance.
- Coinbase aims to enter the Mexican market with affordable cryptocurrency withdrawal services, targeting a 30% reduction.
Cryptocurrency adoption among Mexicans has seen substantial growth, with 3.1 million people owning digital assets such as bitcoin, ethereum, solana, dogecoin or binance. This represents 2.5% of Mexico’s population, placing the country as the third country in Latin America in cryptocurrency adoption, behind Brazil and Argentina.
Globally, according to the Chainalysis Global Crypto Adoption Index, Mexico ranks 16th for cryptocurrency adoption.
“Make it easier to withdraw cryptocurrencies and offer services up to 30% cheaper than traditional cross-border payment methods.”
Luiz Eduardo Abreu Hadad, Sherlock Communications researcher and Blockchain consultant, wrote:
“It looks like Latin America is ready to ride the cryptocurrency wave.”
Remittances have played a key role in driving this adoption. In 2023, remittances sent to Mexico totaled $63.313 billion, marking a significant increase and fueling a 60% growth in cryptocurrency exchanges in local currency transactions through platforms like Bitso Business.
Continuing with the Previous Crypto News Flash Report, interest in the Mexican market among cryptocurrency exchanges continues to grow. Coinbase, for example, aims to enter the Mexican market by offering cryptocurrency withdrawal services up to 30% cheaper than traditional cross-border payment methods.
Luiz Eduardo Abreu Hadad, a blockchain researcher and consultant at Sherlock Communications, noted that “it looks like Latin America is ready to ride the cryptocurrency wave,” reflecting the region’s growing enthusiasm for digital assets.
Brazil is the most adopted country in Latin America when it comes to cryptocurrencies, ranking 9th globally, thanks to the approval of exchange-traded funds (ETFs) for digital assets and the growing acceptance of cryptocurrencies by banks.
Argentina, on the other hand, ranks second in Latin America and 15th globally in cryptocurrency adoption, with 5 million citizens owning some form of digital currency. High inflation rates and strict capital controls have spurred this adoption among the Argentine population.
On the contrary, despite El Salvador Adopts Bitcoin as legal tender, cryptocurrency adoption has declined. The country has fallen from 55th place in 2022 to 95th place in 2023 in terms of public acceptance.
In a precedent Crypto news flash reportOverall, the growing adoption of cryptocurrencies in Mexico and across Latin America underscores a growing trend influenced by economic factors such as remittances, inflation concerns, and regulatory developments that shape public perception and engagement with digital assets.
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