- Over 41,000 Brazilian companies have significant crypto holdings.
- Amidst crypto crash, crypto adoption in Brazil remains high.
As the entire crypto industry is facing a hectic crisis, crypto adoption in Brazil is booming tremendously. In the past few months, the global crypto market crashed affecting millions of thousands of investors in the community. Surprisingly over 40,000 Brazilian companies are in the record of Federal Revenue Service for possessing high crypto holdings during the bear market.
Significantly, Brazil has marked a new record, building a huge user base during the high inflation period. Earlier in October, there were only 12,000 Brazilian companies listed in the report revealed by the Federal Revenue of Brazil. Thus, it is a massive hike in crypto adoption in just 1 month.
In The height of the crisis, where investors and crypto users lost faith in digital currencies. All Brazilian companies increased the trust on crypto assets with their holding rates.
Massive Crypto Adoption in Brazil
The report of the Receita Federal do Brasil (RFB) usually monitors and reveals the balance sheets of all companies operating in Brazil. During the review, the authorities found that over 40K companies in the country are holding crypto ownership on their balance sheets.
Moreover, it is evident that the number of companies with high crypto assets holdings is gradually increasing the slope. Right from July to data, there is a tremendous surge in the number of companies. Therefore, there is a clear statement from the RFB stating, crypto adoption rates in Brazil remain high.
Following, the report reveals, the prominent crypto which was purchased by all the companies is Bitcoin (BTC). Due to the high ongoing crisis evolving in the market, BTC prices hit its low point falling near $16,000 over last month.
According to CoinMarketCap, Bitcoin is currently trading at $17,080.23 with a light surge of 0.31% in the last 24 hours.