Cryptocurrency information about Mexico
It is estimated that over 3.1 million people, 2.5% of Mexico’s total population, currently own cryptocurrency.(1)
A total of 4 reports and surveys were used. These sources were then weighted and combined to derive the final estimate. The sources were weighted based on
i) year of the report
ii) scale of the research
iii) credibility of the research
A weightage score of 1 to 3 is given to each source with 3 being the most reliable.
|Chappuis Halder & Co||2,627,778||2019||1.33|
|University of Cambridge||1,776,693||2020||2.67|
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.(2)
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.(3)
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.(4)