The cryptocurrency market in Brazil is booming, positioning the country as one of the most relevant players on the global stage, and Latam Bank is part of this moment. With 26 million Brazilians owning digital assets, the country ranks sixth worldwide in cryptocurrency adoption, representing about 12% of the national population. Data from Triple-A highlights growth driven by easier access to exchanges, the various uses of digital currencies, and the perception of such assets as an investment.
Cryptocurrency adoption in Brazil has accelerated significantly over the past four years. In 2021, only 4.9% of the population held these assets, a figure that rose to 7.8% in 2022 and reached 12% in 2023. Brazil trails countries like Vietnam and the United Arab Emirates, leaders in adoption with 21.2% and 30.4% of their respective populations. Nonetheless, Brazil has already established itself as the largest cryptocurrency market in Latin America.
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Additional statistics proving the growth of the crypto ecosystem in Brazil come from the Federal Revenue Service. August 2024 data reveals a total trading volume exceeding BRL 28.3 billion, as reported by CoinTelegraph, encompassing all cryptocurrencies. This amount represents a 14.52% increase compared to the previous month and an impressive 87.02% growth compared to August 2023.
The world’s largest cryptocurrencies are also among the most traded by Brazilians. Bitcoin leads the list, while options like Ethereum (ETH) and Tether (USDT), the most well-known stablecoin, also rank among the most traded in Brazil. In August 2024 alone, for example, USDT trading volume reached BRL 7.2 billion, a 75.61% increase compared to the same month the previous year.
Regulation and Diversification
The increase in regulation in Brazil has brought greater confidence to the market. With rules ensuring more security and transparency, the country is attracting international investors and companies to operate within its borders. Simultaneously, the diversification of the cryptocurrency market, with tokens, memecoins, and more, continues to draw in various sectors of society.
While cryptocurrencies are seen as investment options by some, they are also being used to facilitate everyday transactions. Major retailers already accept payments in digital currencies, and payment platforms have incorporated this technology, even offering cryptocurrency cashback, as is the case with Latam Bank. Cryptocurrencies are also used in international transfers, providing lower fees and faster transactions.
What Lies Ahead?
With the advancement of blockchain technology and its numerous potential applications, combined with greater awareness of the benefits of cryptocurrencies, Brazil is expected to continue growing in this market, with an even larger portion of the population joining the ecosystem. The popularization of coins like Ethereum, with its smart contract capabilities, could further boost adoption.
The crypto market in Brazil is now a consolidated reality. Whether as an investment, a payment method, or an innovation tool, cryptocurrencies continue to gain traction, placing the country in a prominent position on the global stage. Just as in the rest of the world, the technology behind digital assets is expected to keep evolving, becoming increasingly significant in people’s lives. For this reason, it is essential to rely on those who understand how digital currencies can simplify daily life and even generate benefits, as is the case for Latam Bank users.
