Latam Crypto Adoption Set to Surge in 2024, Says Coinwire Report

According to a recent Coinwire analysis, Latin America’s adoption of cryptocurrencies is likely to more than double by 2024, and trade volumes are anticipated to skyrocket.

Latin America has the potential to grow into a major cryptocurrency player. According to a Coinwire analysis that examined trade behavior on the most reliable centralized exchanges, Coingecko, the region’s cryptocurrency trading volumes are expected to reach $7.82 trillion by 2024. Compared to the $2.29 trillion and $3.03 trillion traded in 2023 and 2022, respectively, this would be a substantial increase.

Although these are outstanding figures, Africa is expected to surpass Latam, with anticipated trading volumes five times larger than those of 2022.

Brazil and Chile Lead the Way

Brazil emerges as the largest crypto market in Latin America and can become a legal means of payment in the country, with expected trading volumes exceeding $354 billion in 2024. This growth is driven by increasing adoption and a favorable regulatory environment. Coinwire highlights, “rising adoption and a supportive regulatory environment” as key factors for Brazil’s dominance.

Chile follows Brazil, with anticipated trading volumes of $105 billion. The report notes that Chileans allocate around 65% of their monthly allowances to crypto investments, nearly matching their rent expenses. “This substantial investment reflects the growing confidence in digital assets as a viable financial tool in Chile,” the report states.

Argentina ranks third, with projected trading volumes of $100 billion, and Colombia comes in fourth with nearly $47 billion.

Despite the impressive growth in Latin America, Europe remains the largest market for cryptocurrency trading. Coinwire estimates that Europe’s trading volumes will surpass $40 trillion in 2024, dwarfing other regions.