Cryptocurrencies are gaining momentum in Mexico, with an increasing number of people using them for daily transactions and cross-border remittances. As Mexicans take more control of their finances, more are beginning to buy, sell, and explore the potential of digital currencies. By 2030, the cryptocurrency market in Mexico is expected to reach $6,158 million. By 2025, the number of users is expected to increase to over 15 million users. With this growing interest, several cryptocurrencies have emerged as favorites.
Bitcoin (BTC) remains the most popular cryptocurrency in Mexico. Often regarded as “digital gold,” people use it as a store value to protect their savings from inflation or fluctuations. Many Mexican expats now use Bitcoin for cross-border transactions, it costs less than traditional methods like Western Union.
Additionally, Bitcoin has gained popularity in online gambling platforms, with sites like luckyblock.net offering convenient betting options. People like to bet with Bitcoin on online platforms for several reasons. It is convenient and provides fast transactions that can be done from anywhere. The appeal of using Bitcoin for online gambling ensures user privacy. Additionally, these platforms often offer exclusive bonuses and free spins, which attract players, making Bitcoin a popular choice for online gambling.
Some Mexicans are also using Bitcoin for trading on Peer-to-Peer (P2P) platforms. They can trade Bitcoin directly with others on platforms like Airtm, which often offer lower fees and more privacy compared to traditional exchanges.
Bitcoin Cash (BCH), is another popular cryptocurrency in Mexico. It serves as a faster, more affordable alternative to Bitcoin. Due to its lower fees and quicker processing times, it’s favored for peer-to-peer payments and everyday transactions.
Litecoin (LTC) also holds a spot in popularity because it is fast and efficient, and is often used for smaller transactions. People are also drawn to its lower transaction costs, faster transaction speeds, and versatility.
Ethereum (ETH) is gaining popularity in Mexico. Unlike Bitcoin, Ethereum is more than just a token. It’s a platform where people can create apps and unique digital items like Non-fungible tokens (NFTs). This makes it popular with tech fans and developers who enjoy working on blockchain projects.
Dogecoin’s (DOGE) popularity has been significantly boosted by celebrity endorsements and has a strong community, which contributes to its success. Dogecoin has found practical use in the online gaming sector due to its efficient processing times and enhanced privacy.
Ripple (XRP) is another cryptocurrency gaining popularity in Mexico. The token aims to facilitate quicker and cheaper cross-border transactions. Mexicans who want to transfer funds across borders, especially for remittances, find Ripple’s low fees and quick processing times appealing, making it stand out.
Solana is also well-regarded for its quick processing of transactions quickly and has low costs making it a favorite among developers and the unbanked. It has rapidly grown and is one of the most closely watched cryptocurrencies in Mexico, being used in multiple DeFi projects and NFT marketplaces.
Shiba Inu (SHIB) has gained popularity as a meme coin with a strong community following. Shiba Inu has experienced significant trading activity and price swings. Shiba Inu is mostly used for trading and community-focused projects.
When it comes to buying and selling cryptocurrencies in Mexico, two platforms stand out: Bitso and Binance. Bitso, a local crypto company, has grown into one of the largest exchanges in Latin America. Being locally based, Bitso understands the needs of Mexican users. For example, you can use pesos to buy popular coins like Bitcoin and Ethereum, making it simple for people in Mexico to join the crypto world without currency conversion hassles.
Binance is one of the largest crypto exchanges globally and has a strong following in Mexico. Although it’s not based in Mexico, Binance has a strong following in the country. It offers a wide variety of digital currencies and advanced trading tools. Mexican users can access a broader selection of digital coins and sophisticated trading options through Binance’s international marketplace setup.
Cryptocurrencies are growing popular in Mexico for several reasons. Many Mexicans working abroad find crypto faster and sometimes cheaper for sending money home compared to options like Western Union. Stablecoins like Tether (USDT), tied to the U.S. dollar, help avoid exchange rate fluctuations, making them appealing in a volatile market.
With limited access to traditional banking, many people use crypto as a way to save, transfer, and manage funds directly from their smartphones. Younger generations, eager to try new tech, spread crypto awareness through social media, seeing it as a way to secure savings amid peso ups and downs and inflation.
The Mexican government has taken a cautious approach to crypto. Cryptocurrencies aren’t officially recognized as legal tender, but crypto exchanges in Mexico are regulated by the Fintech Law to create a safe environment for financial tech companies to grow while also offering some protection for users.
Currently, Mexicans can freely buy, sell, and use cryptocurrencies, but future regulations could add more structure and security to the market. The future of crypto in Mexico looks promising as it becomes popular. Young, tech-savvy individuals are joining trends like decentralized finance (DeFi) and non-fungible tokens (NFTs). Mexico’s crypto market could attract more local and international investors.
