Investment in cryptocurrencies is becoming increasingly common among Mexicans, ranking it as the ninth nation with the highest ownership rate worldwide according to a study by Finder.
Anselmo Salvador Chávez Capó, professor of the Bachelor’s Degree in Financial and Stock Market Administration at the UPAEP, said that the purchase of cryptocurrencies in Mexico has been the subject of study and analysis, mainly as an investment element.
The Mexican professor said that, in the country, there are conflicting opinions regarding cryptocurrencies, ensuring that for some they are seen as an investment option to cover the inflationary action, as well as highlighting the good profitability in the time that they have presence in the market.
On the other hand, there are people who stress the risk represented by their volatility, as well as the lack of support from an entity that responds to transactions.
He also indicated that, in the country, it is increasingly common for Mexicans to invest in these digital assets. According to a study conducted by the information comparison firm Finder, it is estimated that 12% of the Mexican adult population has some of these digital currencies in their possession, making the region the ninth nation with the “highest rate of possession” of cryptoassets worldwide.
He also emphasised that the value of this digital asset is due to supply and demand, as well as the commitment of users, and this “value” is due to the lack of efficient mechanisms that hinder its manipulation, as can currently be seen in the market.
Capó also stressed that currently its importance is notorious in the total market capitalisation of cryptoassets, which according to data from last Thursday, 4 August, is 1.06 trillion dollars and there are around 9,970 cryptocurrencies in circulation, including Bitcoin (BTC), Ethereum (ETH), Tether, USCoin and the Binance Coin (BNB).BNB).
According to the academic, these five cryptocurrencies account for approximately 75% of the capitalisation value of all cryptocurrencies, and the current capitalisation value of these five digital currencies is approximately $800 billion.
In conclusion, Chávez Capó warns about the use of cryptocurrencies, stressing that this type of virtual currency is not backed by the Mexican financial authorities and that such transactions are irrevocable.
Source: Cointelegraph
Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
