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Bitcoin more popular than ever among Brazilian companies

More Brazilian companies are finding their way into cryptocurrencies.

By Finst News
• 4 min read
Bitcoin more popular than ever among Brazilian companies

More and more Brazilian companies are finding their way into cryptocurrencies. This could also be linked to high inflation figures.

Brazilian tax authority data show an uptick

There have never been more companies holding cryptocurrencies in Brazil than now. As first reported by Brazil's crypto outlet Livecoins, 12,053 companies hold cryptocurrencies — more than ever before. The report is based on data from the Brazilian tax authority Receita Federal do Brasil (RFB).

Bitcoin, along with Tether, are the most popular in Brazil

According to the report, Bitcoin (BTC) is the most popular cryptocurrency among companies, closely followed by the stablecoin Tether (USDT). Measured in US dollars, the value of Brazil's crypto reserves has, however, declined. While companies in July still held 13 billion Brazilian reais (2.5 billion USD) worth of BTC and cryptocurrencies, the value in August was 11 billion reais (2.1 billion USD).

Brazilian real holds up well

Unlike the weak euro, the Brazilian real has been holding up relatively well. Since the start of the year, the currency has risen about 10% against the US dollar. Inflation remains high at 8.7%.

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