A recent study by Fluyez, one of the most influential cryptocurrency exchanges in Latin America, reveals that 46% of users in the region use crypto assets as a savings tool.
This data reflects the growing interest in cryptocurrencies in an environment characterized by inflation and financial instability, positioning them as a key alternative to traditional savings methods.
Comparison with other surveys
Compared to similar studies, such as the Chainalysis 2023 report, which notes that 50% of users in emerging economies use cryptocurrencies for savings purposes, Fluyez's results align with the global trend.
However, in some countries in the region, such as Argentina, where inflation is reaching critical levels, this percentage exceeds 60%, according to data from Statista. This underlines how the economies most affected by the depreciation of the local currency depend on the use of cryptoassets to protect the value of their savings.
Most common uses of cryptocurrencies
In addition to saving, the Fluyez study reveals that 37% of Latin Americans use cryptocurrencies for trading, while 16% do so to send remittances.
These figures confirm a diversification in the uses of cryptocurrencies, although savings remain the main motivation in economies where inflation rates exceed 100% annually, such as in Argentina.
In contrast, countries with more stable economies, such as Mexico and Brazil, show greater interest in trading, as reflected in studies by the University of Sao Paulo, which highlight a 30% increase in trading operations in the last year.
The future of cryptocurrencies in the region
The economic context of Latin America suggests that the use of cryptocurrencies will continue to grow. Factors such as the constant devaluation of local currencies and the difficulty in accessing formal financial services drive the adoption of cryptoassets.
As clearer regulations develop and platforms improve security and usability, the number of cryptocurrency users is expected to increase significantly.
Another key factor is remittances. Fluyez's study reveals that 16% of respondents use cryptocurrencies to send money abroad. This practice could gain ground in the face of high fees and bureaucracy at traditional banks.
Crypto use for remittances is estimated to grow by 25% over the next two years, driven by increased adoption in countries like El Salvador and Mexico.
Recommendations for investors
For investors interested in the Latin American market, it is essential to understand the particularities of each country.
In economies with high inflation, cryptocurrencies like Bitcoin and dollar-pegged stablecoins will continue to be seen as safe havens. Investing in these areas can be a solid option to capitalize on the growing use of crypto as a savings tool.
On the other hand, investors should take into account the trading market, especially in countries such as Brazil and Mexico, where local platforms are improving and attracting a new generation of traders.
Growth opportunities in the remittance sector are also notable. Projects that offer more accessible and affordable solutions for sending remittances through cryptocurrencies could have a significant advantage.
