The results of the first study on cryptocurrencies conducted in Mexico have been released. The study ranks the most popular digital assets according to 1,416 mobile phone users. Bitcoin led as the best known, followed by Bitcoin Cash.
After Brazil, Mexico is the second largest buyer of cryptocurrencies in Latin America.
Highlights from the study
The most recognized cryptocurrencies
- Bitcoin 61.2%
- Bitcoin Cash 38.8%
- Litecoin 16%
- Ethereum 15.5%
- Ripple 12.8%
Percentage of participants who have purchased or used cryptocurrencies at some time
How people are using their cryptocurrencies
- for purchases and online payments 35.2%
- for long-term gains 32.5%
- for short-term gains 20.5%
Of the people who have purchased crypto, percentage who bought
- Bitcoin 72.8%
- Ethereum 18.1%
- Bitcoin Cash 14.4%
- Ripple 13.9%
- Litecoin 13.6%
Of the people who have purchased crypto, percentage who are hodling
- Ripple 61.5%
- Litecoin 54.9%
- Ethereum 45.6%
- Bitcoin 45.1%
- Bitcoin Cash 40.7%
Percentage of participants who currently don’t own or have never owned crypto but who would like to acquire Bitcoin or other cryptocurrencies in the next 6 months
Of those who are not interested in crypto,
- 47.4% say they’re afraid of fraud
- 39% say they don’t understand it enough
- 30.5% say they don’t have enough support
- 29.9% say they’re afraid the cryptos will tank in value
Most popular online platform for buying cryptocurrencies
- Bitso.com 40.6%
- Local Bitcoins 13.2%
- Bittrex 11.8%
Most popular apps for buying cryptocurrencies
- Bitcoin Wallet 37.9%
- Bitso 31.7%
- Plus500 13.2%
The study, called MX18 Cryptometer, was conducted between May 22 and June 5, 2018 by research firm Psyma in collaboration with Fiinlab, the innovation laboratory of Gentera; Wisum, direct survey platform for mobile phone users; and Bitso, Mexico’s largest Bitcoin exchange.
Eighty percent of the participants were under the age of 40; 62.2% men and 37.8% women; 33.2% from Mexico City and the State of Mexico; 29.9% from other states; 21.5% from Jalisco and 15.4% from Nuevo León.
The purpose of the study is to increase general knowledge of Bitcoin and to generate more insight on how cryptocurrencies are providing a path to financial inclusion and a bridge to the new digital economy.
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