Bitcoin represents 53% of Latin Americans crypto portfolios: Bitso

The cryptocurrency sector in Latin America continues to thrive despite global challenges, with Bitcoin and stablecoins leading in market preferences, according to Bitso’s latest report for the second half of 2023. The report highlights that Bitcoin remains the top choice for cryptocurrency users in Latin America, making up 53% of user portfolios.

The adoption of dollar-pegged stablecoins has also surged, driven by the economic climates in Argentina and Colombia where they represent 26% and 17% of user portfolios, respectively.

The report further highlights a significant trend in buying behavior, with Bitcoin and stablecoins accounting for 38% and 30% of all crypto acquired in the latter half of 2023. Notably, in Argentina, the preference for digital dollars over other crypto is pronounced, with stablecoins constituting 60% of total crypto purchases.

Despite the industry’s volatility, long-term crypto holders in the region have largely maintained their investments, signaling confidence in a market rebound and a potential “crypto summer.”

The study also sheds light on the increasing involvement of women in the crypto space. While still underrepresented compared to men, women’s participation is growing faster, particularly in older age groups. Colombia and Brazil stand out for their higher-than-average female involvement in the crypto market.

Furthermore, the report addresses the steady interest in crypto throughout 2023, despite previous market uncertainties. This sustained interest is attributed to a shift towards more stable digital currencies and trust in transparent crypto platforms, with Bitso’s user base surpassing 8 million by the end of 2023.