KATHA JIMENEZ ROMERO 14 Sep 2024
Blockchain research firm Chainalysis recently published the “2024 Geography of Cryptocurrency Report,” where it revealed that 4 Latin American countries are among the list of countries with the highest rate of cryptocurrency adoption. Brazil is ranked 10th, while Venezuela is ranked 13th when it comes to cryptocurrency usage.
Mexico also features prominently in the Top 20 of the Global Cryptocurrency Adoption Index 2024, in 14th place, and Argentina in 15th position, revealing how cryptocurrencies have become a real alternative for citizens seeking to protect their assets from economic inflation.
The publication noted: “In each year’s report, we look at on- and off-chain data to determine which countries are leading the world in cryptocurrency adoption. Our research highlights countries where unique cryptocurrency use cases are taking hold, and explores why people in countries around the world are embracing crypto.”
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Crypto activity is increasing worldwide
The report indicated that between Q4 2023 and Q1 2024, the total value of global crypto activity increased substantially, reaching levels higher than those of 2021 during the cryptocurrency bull market.
“We can see this pattern in the chart, where we apply our Global Adoption Index methodology by summing the index scores for all 151 countries for each quarter from Q3 2021 to Q2 2024, and re-indexing them again to show global adoption growth over time,” the publication detailed.
The report revealed that the reason for this accelerated growth in cryptocurrency usage and adoption is due to the “launch of the US Bitcoin Spot ETF.” This “led to an increase in the total value of Bitcoin activity across all regions, with particularly strong year-over-year growth in institutional-sized transfers and in regions with higher-income countries, such as North America and Western Europe.”
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On the other hand, they indicated that “the year-over-year growth of stablecoins was highest among retail and professional-sized transfers, and is supporting real-world use cases in low- and lower-middle-income countries in regions such as sub-Saharan Africa and Latin America, in particular.”
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