Central Bank of Brazil Reveals Citizens Bought Crypto Worth More Than 4 Billion Dollars Since January

2021-10-18 16:50:18

According to the official report by the Central Bank of Brazil, the citizens of the country bought more than $4b in crypto. And that number is since January the 1st, 2021. Meaning that in just 10 months, the Brazilians practically made crypto one of the country’s number one digital assets.

Moreover, the report also reveals that there are over $350m in crypto imports, as part of the commercial goods balance. It was in May of 2021 when the market reached its peak. Specifically, it peaked at a whopping $756m in a single month. After the record-breaking numbers, the biggest success was in August, with $500m.

Unfortunately, the report covers don’t include September, making it impossible to compare whether the dropping trend has continued.

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As per Bruno Serra, this trend is definitely expected the continue in the future as well. Especially since Brazilians that purchase crypto abroad, can potentially triple the investments in US shares. The only problem for the biggest country in South America remains that Brazil does not produce crypto.

In light of this fact, Mr Bruno Serra said:

It’s a one-way flow. Due to the cost of energy, Brazil does not produce cryptoactives, it is just an importer.Bruno Serra | Director of Monetary Policy - Central Bank of Brazl

Consequently, the numbers of the report confirm this issue. It states that Brazil’s inflow is one per cent higher than the $15m crypto outflow. As a result of the trend, Bruno Serra says that the inflow can potentially reach $8b in 2021.

The report by the Central Bank clearly states that citizens in Brazil bought more than $4b in crypto since January. Yet, the numbers may still not be 100% correct. That is since this report only takes into account crypto transactions between residents and non-residents.

As such, many experts, including the government, expect this number to be way higher.

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