It seems that the adoption of cryptocurrencies in Brazil is still in full swing. According to local media, more than 12,000 companies already own cryptocurrencies. Mainly bitcoin (BTC) and the stablecoin USDT are popular among companies in Brazil.
Companies buy crypto
The tax authorities of the South American country recently came up with new numbers regarding the popularity of cryptocurrencies. These new figures show that 12,053 different companies reported to the tax authorities that they were in possession of cryptocurrencies in August this year.
That is 6.1% higher than the month before. In July, only 11,360 Brazilian companies had one or more cryptocurrencies on their balance sheets. However, data from the Brazilian tax authorities shows that the total value declared has fallen sharply from about $3.4 billion to $2.1 billion. This can of course be explained by the current state of the market and the declining trend BTC rate.
USDT was responsible for the most value transactions among companies in Brazil, with more than $1.42 billion moved across nearly 80,000 transactions in August. About $17,500 per transaction on average.
The total value of bitcoin transactions was a lot lower, but significantly more transactions were made with bitcoin. About 2.1 million to be exact at an average value of $130 per transaction. In total, that amounts to a trading volume of $270 million.
Adoption of cryptocurrencies such as bitcoin
This data clearly shows that business in Brazil is increasingly willing to invest in cryptocurrencies and even use such coins in transactions. Despite the raging bear market and great unrest, there was even a significant increase in August compared to July.
The confidence of the Brazilian population in the crypto market also remains surprisingly high. Bitstamp recently conducted a study in which they concluded that 77% of the population trust digital assets.