Crypto is booming in Brazil! There has been a huge jump in the number of crypto owners in 2021.
It has been reported that 10 million people, or 4.9% of the population, in the country own cryptocurrency. Out of this, over 40% of the owners are between 20 and 25 years of age.
This plays well into the narrative of all the young people who have become overnight crypto millionaires. That isn’t really possible with the typical 9-to-5, eh?
But, this isn’t an us vs. them game. In fact, for Brazil it is exactly the opposite.
The broader institutionalization of crypto has fueled the growth of this asset class. It was reported that when Coinbase was listed publicly, several banks spoke positively about this emerging asset class. This led to a further cementing of people’s faith in crypto.
An estimated $50 billion worth of crypto is owned by Brazilians, according to their Central Bank.
Even international players have moved into the country. Bitso, a Mexican crypto exchange, recently raised $62M in an attempt to drive its expansion into Brazil. The exchange is one of the first crypto unicorns in the Latin America region.
What has driven this insane growth in Brazil?
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