Crypto adoption in South America continues to grow, new record set in Brazil

They have recently broken a new record in Brazil, the number of companies registered that have crypto holdings. This is a great sign. This shows that crypto adoption is still don't the rice despite all the negative press and talk about regulations.

The new record

According to local news outlets, the number of companies with crypto holdings now numbers over 12,000, 12,053 to be exact. This was registered in August. And it shows a 6.1% increase from the previous month, where 11,360 companies were showing to have crypto holdings.

The assets' value however saw a drop. Hopefully, this is only mirroring the current market conditions. The assets combine worth now sits at $2.1 billion, down from $3.4 billion in July.

But there can also be another explanation for the increase in crypto holdings. The companies can see crypto as a hedge against the inflation that has been playing Brazil for quite some time. they registered a 26-year high of 12.1% in April. But things have since dropped slightly to 8.7% in August.

But I would argue it is still good to see the adoption increase. I would argue that once they have started using crypto the odds of them continuing to do so severely increases.

What are your thoughts on the increased crypto adoption we are currently seeing in South America? Please sound off in the comment section down below. If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead.

See you on the interwebs!

Picture provided by: https://pixabay.com/