Crypto’s Answer to Argentina and Venezuela Woes
Chainalysis’ recent report highlights Bitcoin usage in Latin America, focusing on the economic challenges of Argentina and Venezuela.
Argentina uses Bitcoin to protect against its falling peso, which has lost 52% value this year.
People bought more cryptocurrency as the peso went down, especially when inflation rates hit nearly 140%.
In Venezuela, the report confirms people use Bitcoin to keep their money safe during economic crises.
People bought more digital money as the Venezuelan Bolivar lost value. The report also talks about a special case in Venezuela.
Here, an anti-government group used Bitcoin to help healthcare workers during the early COVID-19 days in 2020.
For many in Latin America, using cryptocurrency is now normal. The report says the area ranks seventh in global cryptocurrency use.
Latin American countries even make the top 20 list for global use.
Compared to other regions, Latin America is doing better than Sub-Saharan Africa but is behind the Middle East, Asia, and Eastern Europe.
The report also says most people in Latin America use centralized platforms to trade Bitcoin.
In Venezuela, nearly all (92.5%) of Bitcoin trading happens on these platforms. Binance, a big trading platform, has a strong role in Venezuela’s economy.
Other countries like Colombia, Argentina, and Brazil also mainly use centralized platforms. However, Mexico stands out for using decentralized platforms more.
In summary, the Chainalysis study shows that Latin America is actively using Bitcoin.
Different countries show different levels of interest, but the trend is clear: Latin America is a growing player in the cryptocurrency world.
Live Market IntelligenceBrazil — Live Market Board
Rio Times · Live Market Intelligence
Brazil — Live Market Board
+1.62%
176,140.57
+1.62%
66,709.60
+0.88%
10,974.16
+0.18%
3,343,345
+1.87%
2,312.45
+0.48%
57,594.03
—
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 176,140.57 | +1.62% | +31.42% | 173,325.65 | 176,807 | 173,328 | — |
| USD/BRL | 5.06 | -0.32% | -9.13% | 5.07 | 5.08 | 5.05 | — |
| SELIC | 14.25% | — | — | — | — | — | |
| PETR4 | 42.39 | +1.75% | +35.41% | 41.66 | 42.74 | 41.97 | 22,439,300 |
| VALE3 | 74.62 | +3.29% | +29.79% | 72.24 | 74.88 | 73.34 | 9,210,500 |
| ITUB4 | 42.50 | -0.07% | +25.10% | 42.53 | 42.98 | 42.27 | 7,858,500 |
| BBDC4 | 18.73 | +0.97% | +19.90% | 18.55 | 18.84 | 18.50 | 14,101,000 |
| BBAS3 | 20.87 | -0.05% | +4.93% | 20.88 | 21.05 | 20.72 | 8,863,000 |
| B3SA3 | 15.62 | +2.97% | +19.51% | 15.17 | 15.64 | 15.21 | 21,495,000 |
| ABEV3 | 16.00 | +1.27% | +19.40% | 15.80 | 16.14 | 15.74 | 5,996,000 |
| WEGE3 | 46.52 | +9.54% | +12.66% | 42.47 | 47.06 | 44.80 | 18,443,900 |
| PRIO3 | 59.23 | +1.80% | +39.17% | 58.18 | 59.70 | 58.66 | 2,195,000 |
| SUZB3 | 42.05 | +1.01% | -17.87% | 41.63 | 42.69 | 41.65 | 1,807,700 |
| RENT3 | 36.85 | +0.82% | +2.91% | 36.55 | 37.22 | 36.42 | 6,150,000 |
| AZZA3 | 17.67 | +1.09% | -50.96% | 17.48 | 17.68 | 17.06 | 772,500 |
| CSNA3 | 5.35 | +5.73% | -37.50% | 5.06 | 5.37 | 5.09 | 6,485,600 |
| GGBR4 | 23.80 | +1.32% | +40.75% | 23.49 | 24.05 | 23.46 | 1,798,200 |
| ENEV3 | 25.75 | +1.30% | +86.67% | 25.42 | 25.84 | 25.32 | 1,883,000 |
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