Argentina and Brazil Among the Countries With Most Crypto Ownership

Latin America, with its specific traits and necessities, has grown to become a crypto hotbed. Triple-A, a provider of digital asset-based white-label payment solutions, has released a report positioning Argentina and Brazil as part of the top ten countries where the population owns more cryptocurrency.

Argentina and Brazil are among the top ten countries with the highest crypto ownership, according to a recent report. Triple-A, a provider of digital currency white-label payment solutions, has published a report revealing the countries with the highest percentage of their population owning cryptocurrency.

Argentina Ranks 4th, Brazil 6th in Countries With Most Crypto Ownership

A recent report by Triple-A has shown that Argentina and Brazil are among the top ten countries where the population owns more cryptocurrency. The report, which highlights the growing adoption of digital currencies in specific regions like Latin America, also shows that the top country, the United Arab Emirates (UAE), has 25.3% of its population holding some kind of cryptocurrency asset.

After the UAE, the list continues with Malaysia (24.3%), Argentina (18.9%), Singapore (18.5%), Brazil (17.5%), Kenya (17.2%), Nigeria (16.9%), Venezuela (10.3%), Peru (9.9%), and Colombia (9.7%).

The report further explains some of the reasons why crypto ownership is so high in Argentina and Brazil. For Argentina, the wave of inflation and devaluation that Argentines have been facing for some time, paired with the ongoing exchange control, explains the thirst that Argentines have for cryptocurrency, especially stablecoins. While some reports have pointed out that Argentines have started investing more in bitcoin than in stablecoins, 80% of the cryptocurrency purchases in 2023 involved some stablecoins, according to Lemon.

Instead, Brazilians see crypto as an investment asset, with a well-developed market and even stock bourses offering crypto-related products.

However, the only other country entering the top 20 nations, in this case, is Venezuela in the 17th place, with a little over 10% of its population holding crypto. Venezuela enters the cryptocurrency market facing the same problems that Argentina, and also focusing mostly on stablecoins. This shows that while adoption in Latam is high, it is still centered on certain hubs and has room for growth.

The report estimates that Asia leads cryptocurrency ownership by region, with an estimated 326,8 million people holding crypto in the continent. This represents an increment of 21.8% compared to 2023. Nonetheless, cryptocurrency ownership is growing all around the world, which is seen by Triple A as a highlight of the “growing role of digital currencies in the global finance ecosystem.”

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