Brazil Has Gone Crypto Crazy, Investor Numbers Surge
From NewsBTC
Brazil, at country that boasts the largest economy in South America, is becoming increasing interested in cryptocurrencies and associated blockchain technology, with the public, the government, and the education system all hopping on the bandwagon.Read more: https://www.newsbtc.com/2018/05/31/brazil-2017-saw-more-people-investing-in-cryptocurrencies-than-traditional-securities/Brazilians Hyped-up About Crypto
In 2016, Brazilians moved $160 million in and out of Bitcoin. Last year, 2017, that number was up to around $2.4 billion. In relation, a year ago Foxbit had roughly 100,000 registered users. Today, the cryptocurrency exchange has more than 400,000 — out of an estimated 1.4 million that have opened accounts with them and their three main competitors over the past two years. Compare that to the roughly 600,000 who have stock brokerage accounts, it’s easy to see that Brazilians have been turning to cryptocurrencies in droves.“For the guys who used to hide dollars under their mattresses, now they are hiding it in Bitcoin,”
Says Eduardo Ferreira, head of international business development at Foxbit London, speaking with Forbes. “It’s students buying it. It’s 60-year-old bus drivers,” Ferreira adds.
As for governmental progress, Brazil’s Securities and Exchange Commission (CVM) has a working group that’s discussing regulations for investing in crypto assets. Cryptocurrency experts in the country suspect that they will follow Japan’s lead at best, and, at worst, the lead of the U.S. This despite the fact that, earlier this year, CVM banned registered investment funds from trading in cryptocurrencies (though that changed shortly after when the agency altered their statement, permitting indirect ownership of the coins).
I think the timing of this article really doesn't match the current market trend. I guess it speaks to Brazil's relative buying power if they are indeed in the midst of a crypto craze and prices are bear. I mean look at what happened when the Japanese and Korea markets had a manic bull market. We saw staggering growth and all time highs. Brazil, not so much.
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A good story/topic, do we know what coins Brazilians are investing in the most or the usually flavors?
The currencies of so many countries are becoming garbage! Crypto is becoming a safe haven for people who actually have a few brain cells.
Cryptocurrencies are new way to flourish Brazil economy
This is definitely an interesting zig while the market is zagging...are you sure this article was recent? Seems like it must be from January :) @mairas