The Crypto Adoption Boom in Mexico

Latin American nations have the largest number of cryptocurrency users globally. In Mexico specifically, the number of users is projected to reach 28.21 million by 2026, with estimated revenue from the market expected to be $1.3 billion by the end of 2025. Approximately 20% of the population in Mexico is conversant with using cryptocurrency and is putting it into practice.

Bitcoin is the most popular crypto in the country and is the cornerstone of most crypto investors' portfolios. This is not surprising, thanks to the coin's strong brand recognition and its decentralized nature. Bitcoin is still viewed as liquid gold. Ethereum, on the other hand, is growing its influence in the country, particularly among millennial and Gen Z tech-savvy investors. This is especially because of its key usage in DeFi, NFTs, and smart contracts. 

The adoption of stablecoins and altcoins is also growing exponentially in the country. Stablecoins are becoming the most preferred option for users looking to save and receive remittances and savings. This is thanks to their non-volatile nature. On the other hand, altcoins are enticing users with their low transaction fees and fast processing speed.

Mexico is setting itself up to be a crypto hub with extensive use of digital currencies. Some of the factors that are fueling crypto adoption in the country are discussed below.

1. Remittance Dependency

Most Mexicans work outside the country and primarily in the U.S. This makes Mexico one of the world's biggest remittance recipients. With billions channeled into the country annually, most senders seek cheaper and faster alternatives for sending money back home—this is where cryptocurrencies come in. 

Crypto transfers charge a fraction of the price it would cost to make an international funds transfer of large sums of money. Additionally, remittance through crypto funds is direct and processed in minutes, significantly faster than traditional money transfer channels.

2. Financial Exclusion

A significant number of adults in Mexico remain unbanked. This means they lack access to traditional banking and credit services. However, almost 70% of the population in Mexico own smartphones, and thanks to this digital inclusion, access to crypto as a financial service has become easier than accessing traditional banking. 

With a smartphone and internet connection, many can make payments, save, and borrow using cryptocurrencies.

3. Peso's Devaluation

As of May 2025, the inflation rate in Mexico accelerated to approximately 4%. Seasons of high inflation are not new in Mexico's economy, and this regular occurrence has led to significant depreciation of the country's national currency, the peso. 

The uncertainty of the long-term value of the peso, even during low inflation, has increased the need for consumers and businesses in the country to find alternative ways to preserve purchasing power. A majority are storing up cryptocurrencies to hedge against the depreciation of the peso.

4. Supportive Crypto Infrastructure

Crypto adoption in Mexico has been made hugely possible by the presence of infrastructure and regulation that support innovation. In 2018, the country enacted the Fintech Law, which provides a framework for financial technology institutions to legally operate. Cryptocurrencies and digital assets are covered in this law; thus, the safety and security of crypto investments are assured.

This law was the first of many to give a clear path to legitimizing cryptocurrencies. Conversely, while there is a framework that mandates compliance, the crypto market in Mexico is not so regulated that it becomes restrictive. This has created a conducive environment for innovative domestic crypto exchanges and startups to launch into the market.

5. Corporate Crypto Payments Adoption

As a popular tourist destination, businesses and institutions in the country are keen on catering to all types of visitors. Thanks to the crypto infrastructure, more retailers and service providers are accepting crypto payments directly or through payment providers. A growing number of restaurants and e-commerce stores have the option of Bitcoin/USDT checkout. 

Online payment solutions, such as PayPal, support crypto payments as an option in Mexico. In contrast, on the entertainment front, crypto casinos are available for users who prefer to gamble with cryptocurrencies instead. Institutions in Mexico are now looking to jump on the crypto adoption boom in the country, with exploration of incorporating blockchain technologies into supply chain and payroll functions ongoing.

6. Local Platform Leading the Adoption

While international crypto exchanges are available for use in Mexico, it is the country's local platforms that are driving accessibility to cryptocurrencies. These platforms have been built to meet the specific needs and address crypto challenges of the local Mexican market. Bitso, one of the country's most-used local crypto exchanges, has over 2 million users. The platform supports both crypto trading and stablecoin remittances. Bitso processes almost 10% of all the remittances between Mexico and the United States.

The future of Mexico's crypto market looks promising thanks to the supportive environment created by the government and regulatory authorities. The adoption of digital coins is already benefiting the country by facilitating faster payments, fostering financial inclusion, and supporting innovation.