Bitso, one of the largest cryptocurrency exchanges operating in Latin America, issued its latest Crypto Landscape in Latin America report, with data corresponding to 2024’s operations. According to Bitso’s numbers, even with the current penetration in crypto powerhouse economies such as Argentina and Brazil, the market is still fertile, as it managed to grow its user base by 12% compared to 2023.

Latam still values stablecoins the most, as users still face difficulties in accessing dollar-denominated bank accounts and physical dollars in countries like Argentina, Bolivia, and Venezuela. Stablecoin purchases accounted for almost 40% of all transactions registered in 2024, remarking their relevance and function in preserving the purchasing power in the region and dealing with inflation-linked woes.

In opposition, bitcoin’s share as part of the total purchases during 2024 fell to 22% after reaching 38% in 2023.

Bitso stated that bitcoin’s dwindling popularity in the region “can be attributed to its rising average price and the “Hold On for Dear Life” (HODL) investment strategy, where investors hold the asset long-term.”

Nonetheless, Latin American cryptocurrency users remain open to diversification, even if most purchases revolve around stablecoins and bitcoin. 38% of Bitso’s customers held three or more cryptocurrencies in their portfolios.

Ether and Solana were altcoins with a decent preference among Latam users, scoring 5% and 4% of the purchase volumes respectively. Nonetheless, XRP experienced a resurgence towards the end of the year, registering 9% of the purchasing volumes in 2024 due to “its utility for international transfers and renewed optimism following the U.S. election results.”

Daniel Vogel, CEO and co-founder of Bitso, stated:

“The diversification of portfolios, the growth of stablecoins as a store of value, and the exploration of new use cases not only reflect the maturity of the market in the region but also demonstrate how Bitso drives innovation to transform finance in Latin America.

Read more: Bitso Report Shows Argentines Leading Stablecoin Adoption in Latam

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