Tim Jacklich, senior crypto research analyst at Tribal Credit: “The Latin American crypto ecosystem closed 2022 on shaky footing. Millions of consumers in Latin America joined the ecosystem during the 2020-21 bull market, and many likely lost money as prices collapsed last year. El Salvador alone has reportedly lost some $60 million on President Bukele’s risky Bitcoin bet. Further, owing to depressed crypto market activity and souring macro conditions, regional players like Bitso and Mercado Bitcoin have been forced to lay off dozens of employees, suggesting that the industry’s breakneck growth has slowed. However, Latin America’s fundamental economic conditions remain fertile soil for crypto innovation. Inflation in major regional economies soared in 2022 and will likely remain elevated through the first half of 2023. Latin American currencies such as the Mexican peso and Brazilian real fared better than…”