Cryptocurrency: 2021’s most popular cryptos in Brazil. This year, Latin America had a rebirth in bitcoin adoption. With Brazil leading the way in terms of digital asset ownership and utilization.
Not only is Brazil the wealthiest and most populous country in Latin America. But it is also the largest, and as a result. It is home to one of the world’s largest cryptocurrency exchanges. Over 100,000 bitcoins traded on a daily basis, according to the Bloomberg news service.
Although Brazil’s president, Jair Bolsonaro, has expressed disinterest. In cryptocurrencies, stating, “I have no idea what Bitcoin is.” The country has become crypto-crazy, with both individuals and institutions enthusiastically. Accepting the market trading and the potential impact. It could have on the country’s economic situation.
Recently, the Brazilian central bank, the Central Bank of Brazil (CBC). Acknowledged Bitcoin and other digital currencies as legitimate legal tender. Indicating the country’s recognition of cryptocurrencies.
An additional piece of legislation, which would allow employees in both the public and private sectors. To accept bitcoin as remuneration, was submitted into parliament. In November and is currently being evaluated. If adopted, it would mark the beginning of a new era. Inside the history of the Brazilian economic system.
With 5 percent of the country’s population owning Bitcoin. Which corresponds to more than 10 million people. Bitcoin is without question the largest and most popular cryptocurrency in the country.
A stunning 92 percent of cryptocurrency users in Brazil are male, and regardless of gender. 40 percent of cryptocurrency holders are between the ages of 20 and 25 years old. The other age groups, which are classified as 26-30 and 31-40. Each account for 20% of the population in their respective categories.
It also beats out Colombia, Mexico, and Argentina
According to a CoinDesk analysis conducted with the help of the Portal Du Bitcoin. Brazilians purchased bitcoins worth $4.27 billion in 2021. Putting them ahead of Colombia (7.7 percent), Mexico (59 percent), and Argentina (4 percent. In terms of cryptocurrency asset acquisition.
Brazilian authorities claim that cryptocurrency confidence and acceptability have increased the Cryptocurrency: 2021’s dramatically. Over the preceding three years, with $4.3 billion invested. In the industry between January and August of this year.
The revenue amount reflects a decline of $1.7 billion in sales when compared to the same period. In the previous years of 2019 and 2020 combined.
As of the beginning of 2016, the Cryptocurrency: 2021’s Brazilians have spent $11.7 billion on crypto assets. Accounting for 368 percent (or $11.7 billion) of the total stock of crypto assets. Previously allocated by them historically. This will result in a total of $11.7 billion spent on crypto assets by the end of 2021.
Aside from individuals, organizations such as Mercado Bitcoin. One of Brazil’s most important cryptocurrency exchanges. Are benefiting from the growing popularity of digital currencies. To further expand its operations in Latin America two years after raising $200 million in the summer of 2017. 2TM has raised an additional $50 million to support this expansion. This is in addition to the $200 million in funding it had previously secured.
In the context of Latin American economic independence. There is little doubt that Brazil’s economy has also firmly established itself as a leader. And it will also be fascinating to see where the country plans. To increase its influence in the next years.