Are Brazilians taking refuge in crypto?


Brazilians are now taking a shield under digital assets as the number of crypto holders continues to surge across the country. Asides from individuals, firms, and businesses are now holding digital assets in mass across the country. This is evidenced by the number of investments and companies that declared their digital asset holdings in August. According to analysts, individuals and firms are now predisposed to holding digital assets across Latin countries owing to the economic issues they are encountering.

Brazilian firms are holding more crypto

According to the Brazilian Tax Authority, the number of companies and firms holding various crypto across the market has been a record-breaking number. The record, collated across August, indicated that more than 12,000 investments were holding digital assets in their accounts.

This figure is slightly ahead of the one registered in July, where the figure was just a little bit above 11,500. However, although very high, the number of individuals was a bit shy of the number registered in august. Despite this fact, more than 1.3 million individuals declared holding one kind of digital asset or another in their accounts. Every month, the Tax authority of Brazil releases these statements to show the general public the direction that the acceptance of digital assets is taking across the country.

USDT rises above other digital assets

In the statement from the Brazilian Tax Authority, Tether-owned stablecoin, USDT, is the most popular and widely used digital asset across the country. This metric was taken in terms of the value that the digital asset has been used to move across the month. In August, there were about 79,000 transactions which saw more than $1.4 billion in USDT moved. This puts the average USDT sent or received at about $18,000 for each transaction. However, Bitcoin came out slightly on top in the number of transactions made for the period in question.

In August, about 1 million transactions were recorded in which traders used Bitcoin. However, the average amount per transaction was smaller than USDT, with each transaction receiving a little above $100. Stablecoin designed in Brazil, BRZ also gained a little momentum as it rode side by side with tokens like Ethereum regarding the value moved. This detail shows that the Brazilian crypto market is seeing a sporadic jump over the months. Analysts have also predicted an unprecedented rise across the next few months, which will be triggered by the involvement of some of the biggest banks across the country. Some of them include Santander and Nubank.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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