Cryptocurrency adoption and trends in Mexico in 2021
It is estimated that over 3.1 million people, 2.5% of Mexico’s total population, currently own cryptocurrency.
40% of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form. Out of this segment, 71% are focused specifically on cryptocurrency usage.
Mexico’s leading crypto exchange, Bitso, recorded a 342% increase in trading volume in 2020. Bitso also announced it had surpassed 1 million users on its platform, of which 92% are Mexican.
In the eight months between September 2019 and May 2020, the trading volume of Mexico’s leading crypto exchange, Bitso, grew by 342%, according to the exchange. Earlier this year, Bitso announced it had surpassed 1 million users on its platform, of which 92% are Mexican.
Like other countries, crypto is used primarily for speculation and trading in Mexico, Cadenas said. But the multibillion-dollar flow of remittances into the country, particularly from the U.S., and the difficulties involved in money transfers, have created a unique business opportunity for crypto platforms that promise to make transactions easier and cheaper.
Another reason why crypto might be an appealing option to a population that feels exploited by traditional financial services is that even though crypto platforms are regulated in the country, there is no comprehensive framework on how it’s taxed.