• Bitcoin experienced a 10% growth rate in its value in 2023.
• Bitcoin Embassy Bar is a perfect gathering place to hold Bitcoin community meetings.

During the last few years, investors worldwide have been fascinated to start investing in digital currencies. Crypto has become a hot topic in the fourth digital revolution, with heated debates and interest among regulators, financial institutions and central banks. Latin America is one of the fastest-growing regions in developing physical infrastructure for cryptocurrencies. In 2022, Latin America recorded 9.1% of the global crypto value. The adoption of Bitcoin is increasing lately across the world.

Cryptocurrencies have a separate fan base in Mexico. Crypto analysts believe Mexico has immense potential to swell the crypto remittance market. The use of the leading cryptocurrency Bitcoin is on the rise in Mexico. The price of Bitcoin is unpredictable, BTC experienced a 10% growth rate in its value in 2023. On Feb 5, the Bitcoin market opened at $23,362 and gained 0.13% in the past 24 hours. It has increased by more than 1.5% from the past week.

Bitcoin and Beer- A perfect combo

Bitcoin Embassy Bar is a perfect gathering place to hold Bitcoin community meetings, and the customers can use Bitcoin for payment. This Bitcoin-themed bar is located in Mexico City’s Roma neighborhood. The front elevation looks like a cool bar offering soft drinks, beers and hamburgers.

The club opened its doors to the crypto community in 2018 through Lorena Ortiz. At the start of 2018, Ortiz discussed her creative idea to develop a space for Bitcoiners in Mexico City with the cofounder of Bitcoin bar, David Noriega. With his technical Bitcoin experience, Noriega helped Ortiz to open the first-ever Bitcoin bar in Mexico.

Lorena Ortiz along with David Noriega said, “Bitcoin Embassy Bar came from an idea to create space for the Bitcoin community and those involved in the blockchain and cryptocurrency to meet up more regularly than with conferences.”

The Mexican crypto ecosystem has grown over the past two years. In mid-2021, Mexico-based Bitso, a global cryptocurrency exchange, was recorded as Latin America’s “first cryptocurrency unicorn.” At the end of 2021, Elektra, a convenience store, said it would accept Bitcoin for payments. In 2022 the chairman of Grupo Salinas, Salinas Pliego, revealed that 60% of his liquid portfolio was in Bitcoin.

Crypto remittance firms are mobbing to Mexico

Surprisingly, most crypto firms are setting up crypto platforms in Mexico to acquire remittance markets. According to 2021 World Bank Statistics, Mexico is the world’s second-largest beneficiary of remittances.

In Feb 2022, the US-based crypto exchange Coinbase decided to transfer crypto remittance to Mexico from the US. And another popular crypto firm Tether is also planning to claim remittance in Mexico. 

Malaysia-based Belfrics crypto exchange revealed its plans in August 2022 to launch “crypto transfer operations in Mexico.”

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.