Brazil’s BTC & Crypto Users Soars Above 1.5M!

Brazil’s BTC & Crypto Users Soars Above 1.5M!
  • BTC and Crypto users on rise in Brazil.
  • Crypto and BTC users crosses over 1.5 million users.
  • USDT declared to be the most traded and holded.

Though not a fully developed economical country, with the current progress with its crypto ecosystem, Brazil is all set to soar high in the coming years. Yes, true to the fact the Brazilian Tax Authority known as the Receita Federal do Brasil (RFB) reveals the status of the country’s crypto, and Bitcoin (BTC) users. 

According to the monthly statistics of the RFB, which came out on 2nd November, 2022, the number of registered crypto, and BTC users has risen to about more than 1.5 million. This points out that in the month of September, 2022 alone, about more than 1.5 million people have purchased crypto and BTC.  

Behind the Rise of Brazil’s Crypto Industry

The number of active crypto, and BTC users amounted to about 1.2 million in the month of August, 2022. Within the next month this has increased to 1.5 million, states the RFB. This directly shows that the number of investors in Brazil’s crypto industry are on the rise. 

Within a year, the crypto industry of Brazil has increased astonishingly by many folds. Upon September, 2021, the total number of active crypto users amounted to only about 424,524. However, in just a year it has risen to more than 1.5 million. 

This indeed is a very example of a country which has promoted itself to accept crypto, and BTC. The country’s very open digital currency, the Brazilian Digital Token (BRZ) has become the third most traded, and widely used crypto next to Tether (USDT), and BTC. The USDT remains the most traded, and widely used crypto as being a stable coin. Besides, next to USDT is the BTC, which indeed has a wider holding tendency among Brazilians.  

The emergence of new crypto based financial companies, and poiuring in investments from various other domain companies into the nation’s crypto industry has indeed led to such a profuse rise for the nation. In the battle between various countries around the world for becoming the hub for BTC, and crypto, it seems Brazil will be giving a tough fight!

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.