Latin America emerges as the second fastest-growing crypto region globally, according to Lemon’s report

Latin America has cemented itself as the second-fastest growing region for crypto adoption across the globe, according to a study from Lemon.

It became the second fastest-growing region in terms of cryptocurrency value received, registering an annual increase of over 42%.

Latin America stood out as the region that capitalized most effectively on the expansion of the crypto ecosystem in 2024, as per the most recent report by Lemon called “Estado de la Industria Crypto 2024” (The State of the Crypto Industry in 2024).

Latin America is emerging as an important market for digital currencies as cryptocurrencies continue their march around the world.

Bitcoin’s remarkable journey

According to the report, 2024 was a formative year for both Bitcoin and the cryptocurrency market as a whole.

Bitcoin started to hit astounding levels that many thought impossible.

For the first time, the cryptocurrency witnessed a noticeable movement across traditional markets, most specifically, after the greenlighting of Exchange-Traded Funds (ETFs) in the US.

Its value would rise steadily, ending the year at a staggering 122% return. In January 2025, it peaked at around $109,000.

This increase is having a direct impact on online searches, as indicated by the significant increase that was registered in Google searches about the word “Bitcoin.”

The narrative surrounding Bitcoin has transformed, evolving from a niche investment to a mainstream financial asset.

Crypto in LATAM

The growing interest in Bitcoin and cryptocurrencies comes from its use as an economic safeguard for countries with soaring inflation rates, such as Argentina, Venezuela, and Mexico, which have been looking at Bitcoin as a partial solution to their pressing economic situations.

The region’s share of global crypto volume also saw a notable rise, climbing from 7.3% in 2023 to 9.1% in 2024, with total inflows surpassing $415 billion.

These data show that in barely a year, citizens are increasingly turning to cryptocurrencies to preserve their wealth and mitigate economic turbulence, according to research.

Lemon’s report highlights Argentina as one of the leaders in crypto adoption. It is a significant hub for startups, developers, and global investors within a fertile entrepreneurial ecosystem.

Argentina leads Latin America in both active crypto users and total value received, despite having just a fifth of Brazil’s population and slightly more than a third of Mexico’s.

In 2024, Argentina recorded $91.1 billion in crypto value received, marking a 6.7% increase from the previous year.

It also ranks fourth globally in the number of active crypto wallet users.

The next highest-ranking Latin American country is Brazil, which holds the 13th position worldwide.

At the same time, Peru has become one of the promising markets due to regulatory progress and technical advancements that attracted foreign companies and boosted its local crypto ecosystem.

While crypto app downloads in 2024 have not reached the levels seen in 2021, the year still marks one of the highest periods for downloads in the region.

Downloads doubled in Q2 this year compared to Q2 2023 and tripled the next quarter when Bitcoin broke its “old all-time-high of $69,000,” according to Lemon.

Despite this increase, the report highlights that the enthusiasm seen during the last bull cycle has not fully returned among retail investors, indicating that the new bullish phase is still in its early stages.

LATAM: the region for crypto?

According to the report, four of the 20 top countries of global crypto adoption are in Latin America — Argentina, Brazil, Mexico, and Venezuela.

Adoption practices vary among countries. Brazil stands out for its institutional embrace of cryptocurrency, coupled with an active retail market that engages in speculative trading.

The incorporation of cryptocurrencies into financial systems indicates a shift in the economy, potentially altering its foundation.

Such a transition positions Latin America to consolidate its leadership in the digital economy sector.

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