Cryptos in Brazil: Political party calls cryptocurrency a fool’s gold

Partido da Causa Operaria or POC, one of the many political parties in Brazil has expressed high dissatisfaction with digital currencies by ranting on them, according to a recent report from a local news outlet. The party went as far as naming cryptos in Brazil and accusing the Wall Streets of market dominance.

Political party rants on cryptos in Brazil

The political party translates to Labour Cause’s Party in the English language, and it is assumed to have been originated in 1978. POC is said to be a far-left Brazilian party, which refers to the political positions that are more radical.

The Brazilian party warned in the report that digital currencies are “fool’s gold.” POC argued that cryptos in Brazil, especially Bitcoin, are another means for manipulating the finance of the working class and the poor population in the country. The party further added:

It is one more way to get money out of the people and throw it straight into the pockets of big capitalists.

Although cryptocurrencies have proved to be another way to contain certain crises in areas like economy and health, POC is concerned about the fact that many powerful capitalists turn to gain from it. 

The face of cryptos in Brazil 

In addition to criticizing digital currencies, the political party also ranted on some of the major globally recognized stalls, such as the NY, Wall Street, as well as London. The supposed Labour Cause’s Party mentioned in the report that they are like “fox taking care of the chicken coop.”

The top digital currency, Bitcoin and other cryptos in Brazil are reportedly seeing high interest amongst residents in the country. Bitcoin, in particular, is said to be popular in the country, as many Brazilians have contact with the cryptocurrency more than they do with traditional stocks in the markets.