Latin America experienced a cryptocurrency<\/a> boom this year, with Brazil leading the pack in terms of digital asset ownership.<\/p>\n Not only is Brazil the richest country in Latin America, but it also ranks as the largest and, in turn, has one of the biggest cryptocurrency<\/a> markets in the world, trading 100,000 BTC on a daily basis.<\/p>\n Despite the dismissal of Bitcoin<\/a> from Brazil president Jair Bolsonaro who once declared \u201cI don\u2019t know what Bitcoin<\/a> is\u201d, the country has gone crypto<\/a>-mad with both individuals and institutions widely accepting the market trading and impact it could have on the economy.<\/p>\n Demonstrating the approval of cryptocurrencies in the nation, the Central Bank of Brazil (CBC) officially recognised Bitcoin<\/a> and cryptocurrencies as legal monetary assets this year.<\/p>\n To go a step further, a bill to use cryptocurrency<\/a> as a form of payment for workers in both public and private sectors was put before parliament in November and remains under consideration. If accepted, it would spark a new era for the Brazilian economy.<\/p>\n Bitcoin<\/a> is undoubtedly the biggest and most popular cryptocurrency<\/a> in Brazil with 5% of the nation owning the crypto<\/a>, which is in excess of 10 million people.<\/p>\n A staggering 92% of Brazilian crypto users are male<\/a>, while regardless of gender, 40% of crypto<\/a> holders are 20 to 25 years old. The other age groups of 26-30 and 31-40 respectively represent 20%.<\/p>\n The nation also ranks ahead of Colombia (7.7%), Mexico (5.9%), and Argentina (4%) in regards to cryptocurrency<\/a>-active owners and according to a CoinDesk report quoting Portal Du Bitcoin<\/a>, Brazilians acquired cryptocurrencies worth $4.27 billion in 2021.<\/p>\n Brazil\u2019s trust and acceptance of cryptocurrency<\/a> in 2021 had grown drastically over the last three years with $4.3 billion<\/a> being invested in the industry from January to August 2021.<\/p>\n That figure is compared to $1.7 billion in the same period in both 2019 and 2020.<\/p>\n The volume invested in 2021 represents 36.8% percent of the total stock already historically allocated by Brazilians in crypto<\/a> assets, which adds up to $11.7 billion since 2016.<\/p>\n The increasing embrace of crypto<\/a> had also benefitted the likes of Mercado Bitcoin<\/a>, one of Brazil\u2019s largest cryptocurrency<\/a> exchanges, whose parent company \u2013 2TM \u2013 raised $50m on top of the $200m already raised this past summer in an aim to further build its operations in Latin America.<\/p>\n Brazil had already planted its roots at the forefront of economic freedom in Latin America and it\u2019ll be interesting to see where they next look to conquer in 2022.<\/p>\n Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.<\/strong><\/p>\n
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