The Ethereum Chile 2024 conference highlighted that crypto ownership in South America grew by 116% from 2023 to 2024, rising from 25 million to 55 million users, driven by high inflation in countries like Argentina and Venezuela and Brazil’s increasing acceptance of crypto through its largest banks.

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In a talk given Friday morning, Pereira showcased the region’s significant growth, which rose from 25 million crypto users in 2023 to 55 million users this year.

Crypto ownership in South America has grown 116% from 2023 to 2024, said Cristóbal Pereira, one of the main organizers behind ETHChile.

Pereira explained that a big chunk of the growth is driven by countries that battle high levels of inflation, like Argentina and Venezuela, alongside Brazil’s recent warming to the crypto ecosystem through some of its largest banks.