After a first semester of major events in the crypto world (Bitcoin halving , approval of ETH and BTC exchange-traded funds or ETFs, etc.), Bitso —the crypto-driven financial services company in Latin America— released the second edition of its report Crypto Panorama in Latin America: 1st semester 2024, which shows the “evolution of the behavior of Mexicans regarding the use and ownership of cryptocurrencies and even their value, within its platform.”
The update shows that the number of users in Mexico “grew 15% year-on-year.”
For its part, Bitcoin remains the “preferred cryptocurrency for Mexicans, as it represents 30% of crypto asset purchases.”
In all the territories where Bitso has a presence, Bitcoin is the cryptocurrency “with the largest holding , which speaks of the recognition of its potential as an investment and long-term savings; while the next most purchased currencies vary in the different territories analyzed, due to their own characteristics and circumstances.”
The report analyzes two important phenomena “for the crypto world: the purchase of currencies and their holding.”
Felipe Vallejo, General Director of Bitso Mexico, said:
“The first half of 2024 was a great semester for the crypto world, which reflects the maturity that the industry is achieving. We are excited to share this edition of the Crypto Panorama in Latin America as it shows the progressive interest of Mexicans in cryptocurrencies, with double-digit growth in the number of clients in our largest market. Although in Mexico women represent 40.7% of the economically active population and only 24% of investment accounts on traditional finance platforms comparable in accessibility, we see in crypto and through Bitso, a space with greater representation and to which more and more women are turning to grow their assets.”
In Mexico, Bitcoin represents 55% of the “average wallets and 30% of purchases in this country, followed by Brazil (24%), Colombia (19%) and Argentina (12%).”
The value of Bitcoin had “a year-on-year growth of 108% at the end of the first half of the year.”
Bitso’s study also revealed that “the gender distribution of its customers has improved significantly in the last 6 months, going from 78% men and 22% women in the second half of 2023, to 73% men and 27% women in the first half of 2024. An increase of more than 20% in the total number of female users.”
According to the report by Deloitte “ Financial Inclusion in Mexico: Challenges and Opportunities 2024 ”, the gender gap in savings accounts “increased from 4.3% in 2015 to 13.8% in 2021; which shows the growth in this gap in traditional banking, compared to the crypto industry, where it is smaller semester by semester.”
The age group segment with the highest penetration “in cryptocurrency adoption is 25 to 34 years old, a group that represents 37% of users, both in Mexico and at the regional level.”
One fact that stands out is the increase in “the adoption of cryptocurrencies among women as they age.”
At a regional level, the segment “between 55 and 64 years old remained the same as the previous semester with 41% , while in the group of 65 years and older it rose one point to reach 44% .”
Although the growth of Bitcoin and the preference for this asset is “repeated throughout the region, the currencies that are in second place both in holding and operations, change according to each territory due to the specific needs of each country, its aversion and propensity to risk, among other factors.”
Mexico , for example, stood out during “the first half of the year as the country with the most diversified portfolio, with 39% owning more than three types of assets; while at the regional level, 43% of people have only one asset, 21% two, and 36% three or more.”
While Bitcoin represents “30% of cryptocurrency purchases nationwide, stablecoins as a whole (USDC and USDT, stablecoins pegged to the US dollar) are in second place with 34%.”
This growth has been derived from “the volatility of the dollar price, with users taking advantage of the availability of digital dollars, which also offer 4% annual profitability on Bitso.”
The average portfolio of Mexican clients has “experienced few variations semester after semester.”
As expected due to market cycles, Bitcoin has “grown slightly (55% compared to 53% last semester) in portfolios, while Ether has remained stable and altcoins have had marginal growth.”