Latin American corporations are rapidly adopting Bitcoin, mirroring the trend seen in the United States. This surge in interest is driven by a combination of factors, including inflation, diversification strategies, and the growing adoption of crypto services by consumers.
According to BitcoinTreasuries.NET, three Argentine companies, including Mercado Libre, the largest publicly traded firm in the region, hold a combined 1,300 Bitcoin. This follows the lead of major firms like Strategy and El Salvador, which have accumulated significant Bitcoin reserves.
Bitfarms, a global BTC mining company headquartered in Canada but founded by Argentine entrepreneurs, is the largest Bitcoin holder in the region, with 870 BTC. The firm, founded in 2017, produced an average of 250 Bitcoin per month in 2024.
Mercado Libre, known as the "Amazon of Latin America," invested less than $10 million in Bitcoin and Ethereum in 2021. Founder Marcos Galperin stated, "I believe that Bitcoin as a store of value is better than gold." Globant, a Buenos Aires-based software company, holds a smaller amount of Bitcoin.
Natalia Motyl, an economist and crypto analyst, highlights that the trend began in 2021, with companies leveraging Bitcoin's advantages as a store of value and investment vehicle. Argentina's chronic inflation has fueled the growth of cryptocurrency as citizens seek alternative assets.
While Latin American firms' Bitcoin investments are still relatively small compared to companies like Strategy, which holds nearly half a million BTC, these investments demonstrate a growing interest in the asset class. Beyond treasury investments, Latin American fintech giants are expanding crypto services to cater to the high adoption rates among citizens.
Mercado Libre launched its own stablecoin, the "Meli dollar," in Brazil in 2024. Nubank, a Brazilian bank with over 100 million users, has been expanding its crypto offerings since 2022, citing a "growing trend in Latin America." In December 2024, Nubank announced it would allow users to swap BTC, ETH, SOL, and USDC.
Argentina is one of the Latin American countries with the highest volume of cryptocurrency transactions, with major companies incorporating cryptocurrencies into their business models as a payment method, investment, or store of value.