Brazil’s Central Bank has released data showing that its citizens have spent a total of $4.27 billion on cryptocurrency alone since the beginning of the year.
Brazilians bought Bitcoin at its peak
Per the data, investors in Brazil traded more Bitcoin than any other crypto when the flagship digital asset touched its ATH of $65,000 in May. It was revealed that during this month, around $756 million was spent on the purchase of cryptocurrencies.
Speaking of other months, crypto investors in Brazil spent around $400 million on crypto investments in January, $357 million in March while spending an almost identical amount in the remaining months.
While the bank did not state why the country’s citizens were investing heavily in crypto, one of the reasons could be tied to the effects of the coronavirus pandemic on the economy of the country which led to the debasement of the national currency.
Apart from that, crypto provides a viable access to financial services for the unbanked, thereb
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