Inflation rate soared to the highest in four years, Brazilian bitcoin trading volume continues to rise

The same is true of Argentina.

According to the weekly BTC weekly report released by the Odaily Planet Daily, the Brazilian currency BRL has been increasing in the French currency against bitcoin transactions in the past three weeks. Current data shows that it accounts for 14.38% of Bitcoin transactions in French currency. According to Cointrademonitor, which analyzes domestic Bitcoin transactions in Brazil, bitcoin transactions have risen in the past 24 hours. The current transaction is more than 220,000 bitcoins, worth about $120 million.

Local media Crypto Facil reported that since the beginning of April, with the unexpected rise in bitcoin prices, the cryptocurrency boom in the Brazilian market has stimulated the development of cryptocurrency-related businesses, and the transaction volume has increased by more than 500%. The current high transaction volume in Brazil has hit A new record for bitcoin transactions in Latin America.

In addition to the trading enthusiasm brought about by the increase in bitcoin prices, the rising inflation rate in Brazil is also an important reason.

According to a report released by the Brazilian Institute of Statistics and Geography (IBGE), the inflation rate in Brazil reached 0.75% in March, the highest month since 2015. The cumulative inflation rate in the past 12 months reached 4.58%, exceeding the central bank's target of 4.25%.

Many people have suggested that economic problems have led to a sharp increase in bitcoin trading volume. The Rio Times reported: "The economic downturn may be the reason for the rise of Brazilian cryptocurrencies."

Argentina, which also increased the trade of secret currencies because of inflation. According to Bloomberg, Argentina's March data showed that the inflation rate in the past 12 months rose to nearly 55%.

Argentine bitcoin trading volume continues to rise

On the other hand, the Brazilian government seems to be actively embracing the blockchain.

Earlier, the Brazilian Ministry of Justice and Public Security recently revealed in an interview that the agency is studying bitcoin to better understand how bitcoin is used for crime. The Brazilian Ministry of Finance announced that it has partnered with Blockchain Academy to provide training for government officials on cryptocurrency and blockchain.

In February of this year, Brazil's new president Jair Bolsonaro nominated Roberto Campos Neto, a strong supporter of blockchain technology, as the central bank governor. In his application to the Senate, Campos said he intends to use the blockchain technology in the central bank. He also mentioned that he has conducted in-depth research on blockchain technology and digital assets, using blockchains to prepare for future markets.

Author: gourmets

Source: Planet Daily

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Policy

IMF’s Georgieva: Get Ready for the Digital Cash Revolution!

During her presentation at the Singapore FinTech Festival, the head of the IMF encouraged countries to prepare for th...

NFT

FIFA Teams Up with Modex for Epic NFT Collection at Club World Cup 🏆⚽️

FIFA and Modex are teaming up for a special limited NFT collection that will have practical uses in the real world, j...

Blockchain

🐻 Berachain: The Bear-themed Blockchain Project Reaches Unicorn Status with New Funding

Berachain has successfully secured funding after a successful fundraising campaign in April 2023. The company was abl...

Blockchain

Crypto Goes Mainstream: DZ Bank to Launch Crypto Trading Platform for Individual Investors

German crypto users have achieved a significant victory as DZ, a leading bank in the country, has committed to enabli...

Bitcoin

Matrixport Brace Yourself for Bitcoin's Meteoric Rise! Price Predicted to Hit $125K by December 2024, Courtesy of Insatiable Institutional Demand

According to a new report from Matrixport, the fifth Bitcoin bull market officially started on June 22, 2023. The rep...

Market

El Salvador’s Bitcoin Wallet Flooded with “Rare Sats” and More!

The El Salvador Bitcoin cold wallet has experienced an influx of diverse ordinals, including Satoshis, Cats, and Sats...