South America Leads in Cryptocurrency Users, Surpassing Europe

south-america-leads-in-cryptocurrency-users-surpassing-europe

  • South America surpasses Europe in cryptocurrency users, with 55 million people using bitcoin and other crypto assets.
  • Argentina’s cryptocurrency ownership rate stands at 18.9%, making it a leading country in global crypto adoption.

South America has surpassed Europe in the number of cryptocurrency users, according to the latest report from the analysis firm Triple A. At least 55 million people in South America use bitcoin and other crypto assets, exceeding Europe, which has 49 million users.

Triple A highlights that South America has seen an annual increase of 116.5% in cryptocurrency users, rising from 25.5 million in 2023 to over 50 million today. Despite this growth, Asia leads with 327 million users, followed by North America with 72 million.

Argentina stands out in cryptocurrency adoption with an ownership rate of 18.9%, placing it among the world’s leading countries, alongside the United Arab Emirates, Singapore, and Turkey. Triple A notes that Argentina is a case study due to its adoption of cryptocurrencies in response to persistent economic problems, such as rampant inflation and the devaluation of the peso.

The Triple A report reveals that Argentina reported cryptocurrency transactions worth $85.4 billion in 2023, leading in Latin America. The adoption of cryptocurrencies as a means of payment has also increased, with platforms like Lemon Cash promoting the use of crypto assets among Argentine citizens.

For 2024, it is estimated that at least 5 million Argentines will actively use cryptocurrencies in their daily transactions. This phenomenon shows that cryptocurrencies have moved beyond being speculative assets to becoming an integral part of daily life in Argentina.

The analysis firm Minsait Payments confirms this trend, noting that ten Latin American countries show a growing adoption of cryptocurrencies, including Honduras, Ecuador, and the Dominican Republic. The report emphasizes that global adoption of crypto assets continues to rise, with growth observed across all regions.

Argentina, facing economic challenges such as inflation and devaluation, has found in cryptocurrencies a tool to protect its wealth and stabilize its finances. This shift towards more reliable financial practices, as we have discussed previously in Crypto Flash News, highlights the benefits of blockchain technology in the daily lives of Argentines.

Other companies, such as Chainalysis and the analytical arm of Lemon, agree with Triple A’s conclusions, recognizing Argentina as a leader in bitcoin and cryptocurrency adoption in Latin America. The increasing adoption of crypto assets in Argentina reflects a pragmatic and effective response to adverse economic conditions, demonstrating their value in real life.

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