Cryptocurrencies are growing in Mexico

The adoption of cryptocurrencies in Mexico has been increasing since 2018.

A report released the last week of April 2020 showed that interest in cryptocurrencies is on the rise in Mexico. LocalBitcoins, one of the region’s main traditional currency and bitcoin exchange websites, reported that the volumes of Mexican pesos traded on its platform increased considerably.

The adoption of cryptocurrencies in Mexico has been increasing since 2018. In this 2020, Mexicans have more channels for the acquisition of cryptocurrencies and the volumes of exchange of Mexican pesos for crypto-assets continue to increase.

How to pay with bitcoins in Mexico (in Spanish)?

Two years ago, Mexicans were not very interested in Bitcoin, however, in 2019 the interest of the country’s residents for cryptocurrencies shot up, with the term “BTC” having the most searches that year, according to published data. by Google. The states with the most queries in the search engine were Yucatan, Jalisco, Mexico City, and Puebla.

The enthusiasm and interest in cryptocurrencies this year translated into an increase in the volume of Mexican pesos traded on LocalBitcoins. In total, 10,400,511 Mexican pesos were traded in exchange for Bitcoin. For its part, 56 BTC was traded by users in Mexico.

Another index that demonstrates Mexico’s interest in cryptocurrencies is the number of Bitcoin ATMs in the country. According to CoinATMRadar, Mexico is one of the countries in the region with the largest number. In 2020 there are already a total of 11 ATMs, mostly located in Mexico City and Culiacán. Other places in the country with machines where you can do bitcoin transactions (buy and sell) are Guadalajara, Monterrey, Querétaro, and Tijuana.

Furthermore, the adoption of cryptocurrencies is not limited to just Bitcoin. In January of this year, close to 11,000 BBVA and Banamex ATMs around the country were enabled to accept Bitcoin, Bitcoin Cash, Zach, Litecoin, and Dash in exchange for bank cash deposits.

Regarding adoption and knowledge numbers, 78% of Mexicans would be willing to buy bitcoin. And according to a survey published in February this year, almost a fifth of those surveyed already own cryptocurrencies.

As almost everywhere in the world, Mexican citizens are not very satisfied with the measures that the government is facing concerning the economy and expressed that they are willing to make investments in cryptocurrencies such as Bitcoin.

Mexico, along with Brazil and Argentina, are the countries where the adoption of cryptocurrencies has been accompanied by growing confidence in this technology.