Bitso, a Latin American crypto exchange reporting 5 million users, has distributed an email stating that Latam users can use crypto to counter the impact of inflation.
Bitso reported that according to a study, the reasons for adopting cryptocurrencies are increasingly varied. The study highlights that 26% of Bitso users are motivated to have cryptocurrencies as a preventive measure in the face of financial uncertainty. Approximately 10% of users aim to use crypto abroad.
Bitso said that many users hope to be able to use crypto on a day-to-day basis followed by a need to protect against inflation as economies falter.
Bitso did not provide the methodology or sample size of the survey.
Santiago Alvarado, Vice President of Product at Bitso, commented:
“A couple of years ago it was clear that the cryptocurrency industry was mostly owned by a small sector that understood its workings in order to “invest” skillfully. Today we see that crypto technology evolves at such a speed that aspiring to understand its details cannot be a barrier to entry and the truth is that the adoption of crypto is increasingly taking place among a more diverse user profile that seeks to meet different needs. ”
Bitso noted that it took 5 years to reach its first million customers, but the last two years saw the number quintuple.