Mexico’s Crypto Craze Hits New Highs – Who’s Leading the Charge?

• Bitso’s report reveals a 15% annual growth in Mexican cryptocurrency users, with Bitcoin dominating purchases.
• Bitcoin accounted for 55% of average wallets and 30% of crypto purchases in Mexico, leading other nations.

Bitso, a major cryptocurrency platform, recently released its “Crypto Outlook in Latin America: First Semester 2024” report, detailing the use and ownership of cryptocurrencies among Mexicans. The report notes a 15% year-over-year increase in user numbers in Mexico, with Bitcoin being the most purchased cryptocurrency, accounting for 30% of total crypto transactions.

El nuevo informe de tendencias cripto está aquí.

Descubre cómo los mexicanos diversificamos nuestra cartera en 2024.

En este reporte analizamos el comportamiento de compra y tenencia de nuestros usuarios.

¿Qué criptos estamos eligiendo? Chécalo aquí. pic.twitter.com/FZCtEFGgBg

— Bitso (@Bitso) August 22, 2024

The analysis emphasizes Bitcoin’s leading role across all regions where Bitso operates, reflecting its established status as a reliable investment and savings option. While Bitcoin is predominant, other cryptocurrencies are preferred differently across regions depending on local conditions and preferences.

As we previously reported on Crypto News Flash, specifically in Mexico, Bitcoin comprises 55% of the average wallet composition and 30% of crypto purchases. Brazil follows with 24%, Colombia with 19%, and Argentina with 12%. The value of Bitcoin saw a substantial rise, increasing by 108% by mid-2024, thus reinforcing its market presence.

The report by Crypto News Flash, also highlights a positive shift in gender diversity among Bitso users in Mexico, where female participation increased from 22% to 27% over the past six months, marking a growth of over 20% in total female users. 

Furthermore, according to a Deloitte financial inclusion report, the gender gap in savings accounts has widened within traditional banking but narrowed within the cryptocurrency sector.

The predominant age demographic engaging with cryptocurrencies is between 25 and 34 years, making up 37% of users in Mexico and similar proportions regionally. 

There is also a notable increase in cryptocurrency adoption among older women, with those aged 55 to 64 maintaining a 41% participation rate, and those over 65 increasing to 44%.

Apart from Bitcoin, Mexican users have a diversified portfolio, with 39% holding more than three types of digital assets. Stablecoins like USDC and USDT rank second in purchase volume, driven by fluctuations in the dollar’s value and their attractiveness due to a 4% annual yield offered on Bitso.

Overall, while the wallet compositions of Mexican users have remained stable, Bitcoin has slightly increased its presence, Ethereum and other altcoins have seen slight increases, and holdings of Ripple’s XRP have decreased.