Cryptocurrency adoption in Argentina continues to grow amid rampant hyperinflation. A recent survey revealed that 17% of Argentinians bought cryptocurrencies in 2023 (more than 50% of people of this amount choosing stablecoins).
The data was released in a survey conducted in Latin American countries by Americas Market Intelligence, and reported by Memo. 2,400 smartphone users were surveyed in November 2022. It found that 17% of adults in Argentina said they had purchased cryptocurrencies "as a form of savings or investment" in the past 12 months.
The same research institute had already conducted a similar survey in November 2021. 12% of those questioned had then declared that they had purchased cryptocurrency. The 5% rise could well be attributed to inflation: Last year, Argentina's inflation rate was the highest in the world, at over 90%.
Indeed, 53% of Argentineans surveyed who said they had purchased cryptocurrencies in the past year indicated that they had purchased dollar-backed stablecoins. Note also that 46% of those surveyed said they had done so in order to "protect their savings against inflation".
While OTC and peer-to-peer transaction volumes remain high in Latin America, only 21% of respondents in Argentina said they use these methods.
It should be noted that 79% of people questioned in the country declared that they had used the main exchanges to buy their cryptocurrencies.
What about elsewhere? Note that stablecoins and other cryptos are gaining popularity in Latin America and the Caribbean
Last week, a major player in the crypto world explained that there are more Argentinians than ever who are choosing to work for companies that pay them in crypto rather than fiat currency.
In July 2022, investors reacted to the news of the resignation of the Minister of Economy by buying Tether (USDT). The government has tried to stabilize the struggling peso by placing caps on the amount of foreign currency citizens are allowed to buy in banks.
This measure, as many have noticed, led to a large spike and encouraged the purchase of stablecoins. It should also be noted that cryptos like Bitcoin (BTC) are also gaining in popularity.
Adoption figures in other countries in this region of the world are also high: 14% of Colombians and Brazilians said they had made the leap to cryptocurrency.
This figure was lower among Mexicans, Peruvians and Chileans, with less than 10% of respondents in these countries reporting having purchased cryptocurrency.
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