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Brazilians have bought more than $4 billion worth of crypto in 2021, says central bank

19 Oct 2021 : 13:20
2 min read
  • Brazilians have acquired more than $4 billion worth of crypto so far this year
  • Brazilians have invested $50 billion in crypto, surpassing the $16 billion available in stocks
  • Bitcoin is approaching its all-time high price above $64,000

Brazilians are bullish on cryptocurrencies and have invested huge amounts into the market.

Brazil’s crypto investment in 2021 tops $4 billion

The amount invested in cryptocurrencies since the start of the year has topped the $4 billion mark. This is according to the nation’s central bank, the CBC. The apex bank disclosed that crypto investment continues to grow in the South American country.

Brazilian media outlet Portal do Bitcoin reported that in August, Brazilians invested $496 million in cryptocurrencies. The figure has been declining after hitting a record high of $756 million in May, with June and July recording $695 million and $583 million, respectively.

BCB’s monetary policy director, Bruno Serra, stated that cryptocurrency investment is huge in Brazil as it provides an avenue for wealth diversification. The executive said,

I think this offshore diversification dynamic is a dynamic that may be here to stay. Diversification channels have opened up a lot. Foreign exchange regulations are loosening in this regard; it’s something we need to address.

Brazilians invest in cryptos more than stocks

The cryptocurrency market is a $2.5 trillion industry, and it keeps growing bigger. According to Serra, total cryptocurrencies held by Brazilians would add up to roughly $50 billion, compared to $16 billion held in US stocks.

This is similar to what BCB’s president, Roberto Campos Neto, said in August. At the time, the BCB president said Brazilians held about $40 billion in cryptocurrencies. He said cryptocurrencies have become huge globally, and government can no longer ignore them.

About Author

Karim Abuzeineh

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Co-Founder of Cryptonary Karim has entered the crypto industry in 2017, went through the ups and downs of the market and dedicated himself to increase his skillset and knowledge in both Fundamental & Technical analysis through the bear cycle. He is bullish.

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