South America might be one of the few regions that has seen the fastest bitcoin adoption in the past years. Venezuela's failing economy, Cuba's political instability are driving millions of people in search of alternates and bitcoin seems to be the popular choice.
El Salvador's president recently announced support for bitcoin by declaring it a legal tender. Colombia, Mexico, Chile, Argentina, Peru have all seen an increase in bitcoin usage, and the trend is expected to grow in the near future.
According to a recent survey, the biggest driver for increased bitcoin usage is bad economy, with 75% using bitcoin for 25% or more of their daily transactions.
Latin America has long been plagued by wars, bad governance, corruption, and people are looking for save heavens to not just secure their financial future but also daily needs. This is exactly why bitcoin was created, to empower people and take back control.
With an accelerated adoption, Latin America forms a perfect testing ground for bitcoin as a currency a model that may soon be adopted in the rest of the world.
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