About 70% of crypto users consider them an alternative saving or investing method. Along with that, businesses have started using cryptocurrencies more and more often for cross-border transactions.
CP Media obtained a CoinsPaid report with the results of a study on the cryptocurrency market in Argentina for the Spanish-speaking public. The study’s key findings include the correlation between rising inflation rates and increased demand for cryptocurrencies.
For example, Argentina’s inflation rate is one of the highest in the world. The government expects inflation to grow at 60% in 2023, which is fixed in the country’s budget. And according to CoinsPaid, the cryptocurrency market in Argentina grows about 20% annually. A significant share of this growth is provided by the stablecoin market.
Stablecoins have become a low-risk tool for businesses to invest in cryptocurrencies and an alternative means of payment, primarily for cross-border transactions.
For ordinary citizens, cryptocurrencies are an alternative method of saving or investing — 70% of them are interested in this purpose. The report cites data from Americas Market Intelligence indicating that by the end of 2022, 15-18% of adults in Latin America invested in crypto. Among Argentine residents, the number of cryptocurrency users is approaching 10 million, which is about 20% of the total population.
“The demand for blockchain payments is increasing significantly as the giant, cumbersome centralized machine becomes a thing of the past, and the recent pandemic plays a role in this,” says Max Krupyshev, CEO of CoinsPaid.
The cryptocurrency market in Latin America is developing very rapidly. In 2022, for example, its volume grew by almost 40% year-on-year, and major crypto companies are actively expanding their presence in Brazil and other countries. CoinsPaid representatives are also interested in Latin America. Max Krupyshev announced plans to enter the local market in April 2022.
