The largest digital currency exchange in Brazil, Foxbit, recently pointed out that more and more Brazilians have begun to choose to invest in the cryptocurrency market to replace traditional investment in the general financial market.
Brazil’s “criptomoedasfacil” website reported on June 3 that Foxbit pointed out that only a few hundred million Brazilian users registered on the digital exchange a year ago, but the number of registered users has reached 400,000 now. The exchange transaction amount with the Black Austria reached 2,000 Bitcoin, equivalent to 36% of the Brazilian domestic market. In 2016, the total number of bitcoin transactions carried out by the Brazilian public reached US$160 million, and in 2017 it even reached US$2.4 billion.
EDUARDO FERREIRA, director of international business development at Foxbit Exchange, points out that although there are also many financial students investing in the cryptocurrency market, more ordinary Brazilians have also joined the ranks. “The guy who had previously hidden the money under the mattress has already begun to use this money in bitcoin transactions,” he said.
The Brazilian Securities and Exchange Commission (CVM) banned Brazil’s investment funds from registering online and conducting cryptocurrency transactions earlier this year, but they allowed these funds to hold Bitcoins in an indirect way, which means that ordinary Brazilians can encrypt those Fund companies investing in the money market invest.
Atlas Quantum, the largest cryptocurrency investment company in Latin America, increased its number of customers from 1,000 to 150,000 in one year, although not all people are now investing, but their CEOs Rodrigo Marques pointed out that at least 10% of customers have invested more than $2,000 in the cryptocurrency market.