• Mexico leads in cryptocurrency client base, showing a preference for Bitcoin; slight growth in Ethereum and other altcoins.
• 5% increase in female users on Bitso reflects growing inclusion of women in cryptocurrency investment in Latin America.

In the latest report from Bitso titled “Crypto Landscape in Latin America: First Half Report” notable trends emerged in the cryptocurrency habits of Latin American users, particularly focusing on Mexico’s evolving crypto asset market.

Bitcoin and Altcoin Trends in Mexico

Throughout the first half of 2024, Bitcoin remained the primary choice for most cryptocurrency investors in Mexico, although there has been a noticeable increase in interest towards altcoins and memecoins. These alternative crypto currencies still hold a smaller share compared to Bitcoin but are gradually gaining traction.

User Growth and Demographic Shifts

Bitso’s platform saw a consolidation of clients, with user growth maintaining a steady rate of 15% to 18%, totaling 8 million users by mid-2024. A significant development was the increased popularity of the Pepe token in Argentina, Colombia, Mexico, and its introduction in Brazil, where it had not previously been a popular choice.

Furthermore, the demographic composition of cryptocurrency users has shifted, with female participation on Bitso’s platform increasing from 22% in the latter half of 2023 to 27% in the first six months of 2024.

Cryptocurrency Holdings and Preferences

Mexico remains the leader in terms of the customer base and the duration of cryptocurrency operations. Bitcoin’s presence slightly increased, Ethereum remained stable, and altcoins saw marginal growth. Notably, there was a 3% decrease in Ripple’s XRP holdings, which coincided with a price drop during the period reviewed.

The report also highlighted the diversification of investments among Mexican users. While Bitcoin continues to dominate, other virtual currencies like Ripple’s XRP are also popular due to their utility in facilitating international money transfers, showcasing a broader acceptance and use of various digital assets.

Drivers of Cryptocurrency Adoption

Based on our reports, the reasons behind the growing diversification in cryptocurrency investments can be linked to a higher risk appetite, improved financial education, and better socioeconomic conditions in Mexico. Additionally, Bitso’s long-standing operation in the country likely contributes to its leading position in the regional market.

As we reported on Crypto News Flash, this comprehensive overview of Mexico’s cryptocurrency trends not only reflects a maturing market but also indicates a shift towards a more diverse and inclusive digital economy.