Alex Metzger Alex Metzger 28.10.2021

Bitcoin Adoption in Latin America: Knowing The Root Cause

The way Bitcoin has prospered in Latin America has surprised everyone. In short, the growth has been the quick adoption of the internet in this region. The share of internet users in Latina America may be slight when comparing it with other developed nations. However, the kind of pace it has picked up in recent times has surprised everyone. The rapid internet growth has given an excellent boost to the e-commerce sector in a big way. As of now, Latina America has witnessed a 50 USD B amount of growth. The social media users in Latina America have also increased with the higher share of web browser users. It has played a vital role in the mobile-based eCommerce system and social network that seems to be turning out for a general population. At one end, the growth of Bitcoin usage is increasing fast in Latin America, but on the contrary, it is facing several hurdles as well. 

If you look at sites like Bitcoin Circuit, you can get more on this. In 2014, we saw the surge of social media platforms like Facebook, WhatsApp, and Twitter, growing its network in a big way, and it has benefitted the best with the growth in Latin America. We see around 38 percent of WhatsApp users in Latin America that seems to have given the users a good surge of the global user base of Facebook. The population of nations like Brazil and Argentina spare more time on the above said social networking sites than any other country in the world. As the growth of the social media world is increasing in Latin America in a big way, we see much more freedom and global connections going with the web technologies. We see the social networking sites offer; Bitcoin is more likely to attract more and more people towards the payment systems developed for the pre-digital world. 

It has made the countries in Latin America explore more about Bitcoin. The recent change in the leadership in the US has added a remarkable political shift in Argentina. The earlier 12 years of the Government to explore more about Bitcoin. Macri is seen dubbing in Argentina like President Facebook since we can see an excellent social media presence in these nations. It talks a lot about the popularity of social media in the country. Macri dubbing Argentina the best since social media presence has created a good buzz around Bitcoin. We now see more and more wealthy and influential people shifting to Bitcoin and other digital coins. It has soared the popularity of digital coins in a big way. 

‘Before becoming the president of Brazil, we have seen Macri as the mayor of Buenos Aires'. He then became the president, and if you check his initiatives about Bitcoin, he was the first to talk about this coin in his country. In 2015, he called up the first Bitcoin-friendly forum meeting in Buenos Aires. It was highlighted in the top journals like Bank Magazine, stating that it is now getting far and wide; hence Bitcoin should be discussed and debated in their nations. It also said that they could play an essential role in making Bitcoin popular in their nation. The local politicians and others have noticed the buzz around Bitcoin in Argentina. Martin remains the youngest mayor in the country who shared his support for Bitcoin. He tweeted about it, asking how Bitcoin should be adopted in the local market. 

He gave the example of the Uber platform that can play its part in implementing Bitcoin with it. By adopting Bitcoin, you can move ahead a step further in making the economic objective free from the Government. The Government has also announced softening import and export restrictions and thus even put loads of effort into liberating society. The popularity of Bitcoin in Latin America seems to have gone steady and at par in the recent past. However, the countries in the region have to address a couple of hurdles in their way. They have to challenge using Bitcoin in day-to-day transactions while reducing its friction in other areas. We have seen a good buzz around Bitcoin in nations like Argentina, Mexico, Venezuela, and Brazil.