Tether Dominates Brazil As Bitcoin, Ether Fall Out Of Favor
Key Points:
- Brazilians appear to choose the stablecoin tether as their preferred cryptocurrency in a nation where economic volatility is as prevalent as coconuts.
- Thomaz Fortes, the cryptocurrency lead at Brazil’s Nubank, was quoted by Chainalysis as claiming that the major use case for Brazilians is as a speculative investment.
Brazilians appear to choose the stablecoin tether as their preferred cryptocurrency in a nation where economic volatility is as prevalent as coconuts.
The value of all tether transactions increased by 58% in value last year compared to the previous year, according to the federal tax administration, which analyzes data on cryptocurrency usage from international and domestic exchanges. Also widely used cryptocurrencies bitcoin and ether had drops of more than 60% from 2021.
Brazil passed a legislation governing cryptocurrencies last year, marking a significant advancement as the nation embraces digital assets.
Thomaz Fortes, the cryptocurrency lead at Brazil’s Nubank, was quoted by Chainalysis as claiming that the major use case for Brazilians is as a speculative investment.
According to Thomaz Fortes, the crypto lead at Nubank, one of the world’s largest digital banking platforms that recently launched a crypto trading platform, the main use case for crypto in Brazil right now is as a speculative investment. “Customers want a way to expand their earnings,” he explained. “Interest rates at all-time lows in the country and strong price appreciation in cryptocurrency prices may have contributed, but the adoption continued strong even in the so-called crypto winter.”
“The retail growth in the number of users in crypto has been much faster than in the equities market. It took several years to get to several millions of equity investors,” Fortes observed. Nubank reached 1 million customers just one month after launching its crypto platform. “It’s not only institutional or high-net-worth individuals. Democratizing access means a lot of retail adoption. Here at Nubank, we developed the experience for trading cryptocurrencies so that we could break the barriers of complexity common in niche crypto brokers.”
Four months after introducing the service, Nubank had 1.8 million crypto clients.
According to Statista, the country’s cryptocurrency-related revenue is anticipated to expand at an average annual rate of 15.25% between 2023 and 2027.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
Author
Uncategorized
Tether Dominates Brazil As Bitcoin, Ether Fall Out Of Favor
Key Points:
- Brazilians appear to choose the stablecoin tether as their preferred cryptocurrency in a nation where economic volatility is as prevalent as coconuts.
- Thomaz Fortes, the cryptocurrency lead at Brazil’s Nubank, was quoted by Chainalysis as claiming that the major use case for Brazilians is as a speculative investment.
Brazilians appear to choose the stablecoin tether as their preferred cryptocurrency in a nation where economic volatility is as prevalent as coconuts.
The value of all tether transactions increased by 58% in value last year compared to the previous year, according to the federal tax administration, which analyzes data on cryptocurrency usage from international and domestic exchanges. Also widely used cryptocurrencies bitcoin and ether had drops of more than 60% from 2021.
Brazil passed a legislation governing cryptocurrencies last year, marking a significant advancement as the nation embraces digital assets.
Thomaz Fortes, the cryptocurrency lead at Brazil’s Nubank, was quoted by Chainalysis as claiming that the major use case for Brazilians is as a speculative investment.
According to Thomaz Fortes, the crypto lead at Nubank, one of the world’s largest digital banking platforms that recently launched a crypto trading platform, the main use case for crypto in Brazil right now is as a speculative investment. “Customers want a way to expand their earnings,” he explained. “Interest rates at all-time lows in the country and strong price appreciation in cryptocurrency prices may have contributed, but the adoption continued strong even in the so-called crypto winter.”
“The retail growth in the number of users in crypto has been much faster than in the equities market. It took several years to get to several millions of equity investors,” Fortes observed. Nubank reached 1 million customers just one month after launching its crypto platform. “It’s not only institutional or high-net-worth individuals. Democratizing access means a lot of retail adoption. Here at Nubank, we developed the experience for trading cryptocurrencies so that we could break the barriers of complexity common in niche crypto brokers.”
Four months after introducing the service, Nubank had 1.8 million crypto clients.
According to Statista, the country’s cryptocurrency-related revenue is anticipated to expand at an average annual rate of 15.25% between 2023 and 2027.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
Other Posts
Related Posts
Latest
Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6
Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!
Press Release
Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6
The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!
