Annual results Bitcoin on the chart can cause it in the direction kryptowaluty citizens of high-ruling countries will flee inflation. One of such countries is Brazil, inhabited by about 209 million people.
Brazil is destroying its own currency
According to a new report published on May 11 by Delphi Digital entitled “Bitcoin State”, the central bank of Brazil reduced interest rates to 3 percent. The currency of the country, the Brazilian real, has recently lost as much as 30 percent. its value against the US dollar. This may scare investors away from the Brazilian market. This may lead to capital outflows from the fiat currency, e.g. in cryptocurrencies.
Delphi Digital speculates that this potential capital exodus could lead to a jump in Bitcoin interest (BTC) in Brazil:
“This does not mean that capital flowing from emerging markets will flow directly to Bitcoins … but the sheer magnitude of this potential move can serve as another source of demand for BTC, especially if tightening capital control becomes more common.”
The attitude of national politicians to BTC
Although the Bitcoin market in this country may be becoming more and more popular for investors, cryptocurrencies in Brazil are uphill. It is especially about challenges in the regulatory field.
Four Bitcoin trading companies have been closed since 2019. Even the president of the Brazilian Banking Federation argued that cryptocurrencies are not currencies at all.
Brazil, however, is not the only country where BTC has a hill, and yet its citizens are investing in cryptocurrencies. China and India are good examples. In addition, Venezuela, where hyperinflation prevails, has attempted to divert citizens’ attention from BTC to Petro, its own digital currency. The experiment, however, as has been shown today, turned out to be a complete failure.
Current course You can always check Bitcoin and other cryptocurrencies in the tabs: course Bitcoin and cryptocurrency exchange rate on Bitcoin.pl. A place where you can buy Bitcoin and other kryptowaluty, include cryptocurrency exchange BitBay.net. If you don’t have a BitBay account yet, this article will show you how to create one efficiently: LINK.
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