Bitso Report Reveals That 39% of Crypto Users in Latin America Prefer Buying Stablecoins

The third edition of the Crypto Landscape in Latin America report  presented by Bitso –the leading crypto-driven financial services company in the region– reveals that in 2024 the number of its Latin American clients grew by 12%. These customers are also expanding their  investment horizons by diversifying their portfolios. This behavior has driven the adoption of more  sophisticated strategies for digital asset management, with 38% of users including three or more  cryptocurrencies in their portfolios. 

In a context of high inflation and currency devaluation in several countries in the region, stablecoins  (USDC and USDT) have become a store of value, accounting for 39% of total purchases, compared  to 30% in 2023. 

Bitcoin, on the other hand, represented 22% of cryptocurrency purchases, a shift from 38% in 2023,  which 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. 

Altcoins such as Ether and Solana maintained their positioning, with 5% and 4% of the purchase  volume, respectively, while interest in memecoins saw a significant surge. PEPE’s purchase  preference increased by nearly 5 percentage points compared to 2023, and DOGE reached 2% of the  purchase volume, whereas it previously did not hold a significant share. 

Regarding XRP, there was a resurgence in its popularity in Latin America, reaching 9% of the  purchase volume by the end of 2024, compared to 2023. This increase was primarily attributed to its  utility for international transfers and renewed optimism following the U.S. election results. 

“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. Our commitment is to offer increasingly solid  products that allow our clients to build wealth and take control of their financial future, with Bitso by their  side every step of the way,” stated Daniel Vogel, CEO and co-founder of Bitso. 

While the 25 to 34-year-old customer group remains the most active in cryptocurrency trading  (34%), there is growing interest from older individuals. The trading activity of users aged 45 to 54  increased from 13% to 14%, and those aged 55 to 64 increased from 5% to 6%. This shift suggests a  greater appetite for cryptocurrency investment among more mature users who may have more financial  experience, a higher risk tolerance, and greater disposable income for investment after covering fixed  expenses. 

The report also highlights the increasing interest in sophisticated trading in Latin America, reflected in  the growing popularity of Bitso Alpha, the app designed for trading with advanced charts and features.  Despite having a smaller customer base, the transaction volume generated by Bitso Alpha is  comparable to that of Bitso Classic, the app for users new to the world of cryptocurrencies.

Bitso Alpha users executed an average of 32 trades in December 2024, marking a significant shift  toward more strategic trading. This suggests greater financial education, a higher risk appetite, and a  deeper understanding of the crypto market. 

TRENDS BY COUNTRY 

In Argentina, inflation exceeding 100% and capital controls – though less stringent than in 2023 – drove  the use of stablecoins as an alternative to the peso. However, a carry trade phenomenon was also  observed, with users acquiring Argentine pesos to take advantage of favorable interest rates relative to  the dollar. The customer base in Argentina grew by 11%, reaching 1.6 million. 

In Brazil, regulatory clarity and a developing tech ecosystem have driven investor interest in crypto  assets, particularly stablecoins, which accounted for 26% of purchases in 2024. This trend has been  influenced by the depreciation of the real, ongoing stablecoin regulations, and the growing popularity of  decentralized finance (DeFi). The total crypto customer base in Brazil increased to 1.9 million, a 6%  growth. 

In Colombia, stablecoins solidified their position as the primary choice, driven by some depreciation of  the Colombian peso. They also served as an alternative for dollarization, given restrictions on holding  U.S. dollar bank accounts, which require a minimum deposit of $5,000. Young people in Colombia are  the demographic group adopting crypto at the highest rates, and the number of customers reached  500,000, with a 6% increase. 

In Mexico, cross-border payments continue to drive crypto adoption, with Bitcoin and USDT being the  main assets in a market where the peso’s 23% depreciation fueled stablecoin purchases within the  crypto community. Mexico remains Bitso’s largest market, with 4.4 million customers, benefiting from  international financial flows and a mature crypto ecosystem, reflected in a 13% growth. 

Thus, Latin America is consolidating as fertile ground for crypto innovation, driven by the need for  economic alternatives to navigate complex financial contexts and build wealth. To access the full Crypto Landscape 2024 report, click here.