- Since January 2021, Brazil residents have bought more than $4 billion worth of cryptocurrencies.
- The highest crypto purchase in Brazil occurred in May.
- This comes amid Brazil’s move to regulate the sector with a new law.
Brazil residents have raised the world’s crypto buying flag again since the beginning of this year. Coming up with the news, the Central Bank of Brazil has disclosed that the country’s residents have bought a whopping amount of $4.27 billion worth of cryptocurrencies in 2021.
Of note, the residents’ crypto investment synergy came at the same time with Brazil’s plans to regulate the digital finance sectors with a new law. As a report has it, the highest amount of crypto bought in Brazil this year happened in May. To be specific, the May purchase amount to not less than $756 million, which occurred at the time Bitcoin price flipped to $65K.
Even more, January also recorded about $419 million worth of crypto purchases while August had $496 million respectively. With their continuous buying activities, March also recorded over $357 million in the Brazilians crypto purchase race.
In fact, the above statistics of crypto purchases show how digital assets form a vital part of Brazil’s economy. In essence, this gives a resounding sign to the crypto world that virtual currency can stand as a hedge against Brazil’s economic turmoil.
Furthermore, this sensation keeps people thinking that Brazil’s young population might be the active force behind the crypto purchase. On the other hand, Brazil is still working to pass its bill to legalize the flagship Bitcoin (BTC) as a legal tender in the country.