Will Latin America Overtake Europe in Crypto Trading? 2024 Predictions Revealed!

• Coinwire’s research predicts cryptocurrency trade volumes in Latin America will reach $7.82 trillion in 2024, more than doubling previous year’s figures.
• Brazil and Chile lead as top markets, with projected trading volumes of $354 billion and $105 billion respectively, indicating robust market expansion.

A recent report from Coinwire, a leading cryptocurrency research platform, predicts that cryptocurrency adoption and trading volumes in Latin America will more than double by 2024. The analysis forecasts that cryptocurrency trading volumes in the region will reach $7.82 trillion, significantly exceeding the previous year’s figures.

The survey indicates that 19% of Latin American respondents currently invest in cryptocurrencies, marking a 73% increase from the 11% reported by Crypto News Flash. Specifically, cryptocurrency investment rates in Brazil have surged by 71%, from 14% in 2023 to 24% this year. Similarly, Argentina experienced a 63% rise in crypto investments, climbing from 19% to 31%.

The primary motivation cited by 43% of crypto investors in the region is the desire to save for the future. Additionally, 38% of respondents view cryptocurrency investments as a means to supplement their income, reflecting a growing appreciation of digital assets as both a financial security and a secondary income source in Latin America.

Rapid Expansion in Latin America

Coinwire’s report outlines that Brazil and Chile are poised to be the major contributors to trading volumes in Latin America. Brazil is expected to reach a trading volume of $354 billion, establishing it as the regional leader. This growth is attributed to both an increase in cryptocurrency adoption and a regulatory environment conducive to market expansion.

Chile is projected to achieve trading volumes of up to $105 billion. The report highlights that Chilean citizens allocate a substantial portion of their income to cryptocurrencies, comparable to their monthly rent expenses, reflecting strong confidence in digital assets as a financial tool.

As in our reports on Crypto News Flash, Argentina is next on the list, with expected trading volumes of $100 billion, demonstrating the penetration and acceptance of cryptocurrencies in the daily financial transactions of Argentinians.

Colombia on the Growth Path

Colombia is also experiencing significant growth, with projected trading volumes nearing $47 billion. This increase mirrors a general trend in the region towards greater integration of financial technologies and broader adoption of digital assets.

Global Perspective 

Globally, Europe remains the largest market for cryptocurrencies, with projected trading volumes exceeding $40 trillion by 2024. This underscores Europe’s dominant position in the global crypto asset market, though regions like Latin America and Africa are quickly narrowing the gap.