Brazil Central Bank Report: citizens purchased $4.2 billion in crypto in 2021
Brazilians’ zeal for cryptocurrencies was recently confirmed by their 2021 crypto purchases. The exclusive Central Bank report revealed that the nation’s residents have bought $4.2 billion worth of crypto since January 2021. The latest purchase was registered in the month of August, amounting to $496 million. However, the highest purchase of crypto actives was marked in May, when Brazilians bought $756 million in crypto. Since then, no month has been able to beat May’s record high of over $750 million.
“Since then these numbers have been falling (US$695 million in June and US$583 million in July), but they are still much higher than what was seen at the beginning of the year: in February cryptoactive purchases were US$386 million and in March, $357 million.”, stated the report that takes cryptocurrencies as part of the commercial balance of products.
One-way Flow of crypto
Bruno Serra, the director of monetary policy of the Central Bank of Brazil spoke in a videoconference organized by the company Upon Global on Friday. He highlighted that the Brazilian investments in crypto actives abroad are potentially three times greater than in American shares. Furthermore, he asserted that Brazilians’ investment into crypto will only rise from this stage onwards. He notes that there is a potential to reach R$ 50 billion in crypto actives purchased by Brazilians.
However, Serra also mentioned Brazil’s inability to produce crypto in lieu of crypto production’s high energy consumption, noting the country’s one-way flow of cryptocurrencies in the present. He said, “It’s a one-way flow. Due to the cost of energy, Brazil does not produce crypto actives, it is just an importer”.
El Salvador may lead the regulated crypto sphere
As Bitcoin maintains above $62K, it is attracting more government institutions with each passing. With this, El Salvador’s controversially authoritarian Bitcoin Legal Tender stance might have been a blessing in disguise for the citizens. While President Nayib Bukele continues to receive considerable backlash for his BTC legal tender decision, he has not given up the fight. Earlier this month, he revealed that country has even started Bitcoin mining using volcanic energy to tackle the issue of wasteful energy consumption.
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility
- U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
