“Brazil stands out as the main country in cryptocurrency trading,” the report points out.
Bitcoin with the Brazilian flag in the background. Photo: Gustavo Bertolucci/Livecoins.
A recent report published by CoinWire found that cryptocurrency trading volume has more than tripled in South America over the past three years. Now, the analytics firm expects the number to double by 2024 compared to the previous year.
One of the highlights is precisely Brazil, which, according to CoinWire itself, is dominant in South America. In total, Brazilians are expected to trade US$354 billion in cryptocurrency this year.
Another name mentioned is Chile. This is because although the country has a population of only 19.6 million inhabitants, about 11 times less than Brazil, Chileans appear with a projected volume of US$ 105 billion for 2024.
South America is highlighted in report on cryptocurrencies
Without strong currencies, South American countries continue to see good investment opportunities in cryptocurrencies. In addition to Bitcoin, stablecoins pegged to the US dollar are also popular in the region.
“Over the course of three years, cryptocurrency trading volumes in South America have increased by more than 3.42 times. Trading volumes are estimated to reach $7.82 trillion in 2024, compared to $2.29 trillion in 2022 and $3.03 trillion in 2023.”
Projection expects South America to double its trading volume in 2024 compared to the previous year. Source: CoinWire.
Of this volume of US$ 7.82 trillion, around US$ 354 billion would be from Brazil, leading the ranking by a wide margin. In second and third positions are Chile and Argentina, with US$ 105 and US$ 99 billion, respectively.
“Brazil stands out as the leading country for cryptocurrency trading, with trading volume projected to surpass $354 billion by 2024,” CoinWire notes. “This significant figure underscores Brazil’s dominant position in the region’s crypto market, a result of growing adoption and a supportive regulatory environment.”
Projected cryptocurrency trading volume in different South American countries, with Brazil leading the way. Source: CoinWire.
Regarding Chile, the report points out that Chileans spend, on average, US$447 per month on cryptocurrencies, representing 65% of their monthly income.
North America is the only continent expected to see a drop in cryptocurrency trading
Of all the continents analyzed by CoinWire, only North America appears with a negative projection. After a volume of US$12.6 billion in 2023, these countries are expected to close 2024 with only US$7.7 billion in cryptocurrency trades.
In Africa, the volume is projected to increase more than fourfold. The highlight is Nigeria, which has already banned brokerages and P2P, but continues to have a high demand for cryptocurrency due to the high inflation of its local currency, the naira.
Also facing inflationary problems, Turkey has the largest volume in Asia. Although the Asian continent is in first place, with US$35 billion in 2023, its growth is small for 2024, reaching only US$39 billion.
Given that, the report expects Europe to take the throne, with $40.5 billion in volume for the year. Russia, which has legalized cryptocurrencies for use in international trade to circumvent sanctions, comes out on top.
Finally, Oceania appears with a projection of US$2.4 billion, the lowest of all. Australia and New Zealand are the only two countries that appear in the report.
