Latinx communities continue to rise above Bitcoin adoption obstacles

On Nov 1, 2021

Digital assets have recently become more and more prevalent in our daily lives — in the news, popular culture and our personal interactions. In the first quarter of 2021, the number of global daily (BTC) transactions hit 367,536. Bitcoin alone now accounts for around $20 billion of daily online transactions. Not only this, but those who are familiar with digital assets and cryptocurrencies trust them implicitly — Binance’s “Global Crypto User Index” for 2021 shows a 97% confidence in cryptocurrencies.

Proportionally, members of Latinx communities in the United States have some of the highest rates of crypto adoption, with approximately 31% of Hispanic people owning Bitcoin and the same data stating that 25% of Bitcoin owners are Latinx. There are many reasons behind this impressive rate of adoption, not least of which is the fact that this group has less access to traditional wealth. In 2016, Latinx families held less than one-sixth the wealth of white families and were several times more likely to support family members not living with them. In 2020, Mexican people living in the United States sent over $40 billion to family members in Mexico, and many of these transfers took place through cryptocurrency.

Rodrigo Bezanilla is the Latin American business strategist at Coinsource. With over 25 years of experience as an investment and financial adviser, Rodrigo has an extensive professional background in cross-border relations between Mexico and the United States. As managing partner at the Tejas Opportunity Group, a cross-border private equity firm focused on social impact investments in Texas, Rodrigo lends his expertise to building opportunities for the Latin American community through strategic business alliances and private equity activities.