Argentina leads in stablecoin holdings, while Brazil leads in altcoins and Bitcoin, according to a report
RAY JIMENEZ BRAVO
Bitso reports key data: Argentina prefers stablecoins, while Brazil combines Bitcoin with an interest in altcoins
Bitso presented its report “Crypto Panorama in Latin America” for the first half of 2024, in which Argentina shows that the so-called stablecoins are the second cryptocurrency that has the most presence in wallets. On the other hand, Brazil shows that the possession of altcoins surpassed the presence of Ethereum in the wallets that were part of the report.
Bitso, an exchange whose largest number of users is located in Mexico, also has a presence in other countries such as Colombia, Argentina and Brazil. On this occasion, we will focus on the details of the data collected in its report on Argentina and Brazil.
Bitcoin in Argentina is approaching 80 million pesos
Argentina
The South American country was the only one that managed to position stablecoins, such as USDC or USDT, second in user wallets. The data from the report shows that as of June 30, 2024, the possession of these stablecoins was at 22% of the total cryptocurrencies per wallet. Bitcoin remains in first place, representing 50% of Bitso users' wallets.
They considered that this trend in Argentina is deeply influenced by the country's macroeconomic conditions, characterized by high inflation and a persistent devaluation of the Argentine peso.
The preference for stablecoins reflects an adaptation of the historical inclination of Argentines to take refuge in the US dollar as a protection mechanism against the depreciation of the local currency, now transferring this practice to the realm of cryptocurrencies.
