Skip to content

Brazilians purchase over $4 billion worth of crypto in 2021, central bank reveals

Brazilians purchase over $4 million worth of cryptocurrencies in 2021, central bank reveals

Brazilian residents have purchased a significant amount of cryptocurrencies even as the country plans to introduce new laws regulating the sector. 

According to data provided by Bruno Serra, the country’s central bank, in 2021, residents have purchased $4.27 billion worth of cryptocurrencies. The highest amount was bought in May, accounting for $756 million in the wake of assets like Bitcoin attaining a record price of almost $65,000. 

In January, Brazilians purchased $419 million worth of cryptocurrencies, while August recorded $496 million. The least amount of digital currencies was purchased in March at $357 million. 

Drivers behind Brazil’s crypto investments

The value of purchased cryptocurrencies highlights the role digital assets play in the country’s economy, especially after the coronavirus pandemic that resulted in the debasement of most national currencies. 

Like most South American countries, Brazil’s economy has been hit with a combination of inflation, hyperinflation cycles, and deflation. In this case, cryptocurrencies have emerged as a hedge against such economic turmoil.  

The significant number of crypto purchases potentially serves Brazil’s large unbanked population. Notably, relying on cryptocurrencies makes sense for this population as a vehicle for financial inclusion since the sector has no strict entry barriers. 

Furthermore, Brazil’s young population might be a force behind the significant purchases. Generally, the younger generation has been known to lead the way in cryptocurrency adoption.

It is worth noting that Brazilian investments correlate with a year that cryptocurrencies have surged in value cumulatively, recording over $2.5 trillion in market capitalization.  

Brazil’s crypto regulation progress

The purchases come in the wake of speculation that the country was contemplating declaring Bitcoin a legal tender, following El Salvador’s footsteps. 

However, the country’s lawmakers are debating a bill that seeks to regulate the sector, making it easier for residents to purchase and invest in digital assets. Furthermore, the bill tackles the perennial challenges of scammers related to the cryptocurrency sector. 

Worth noting is that Brazil is standing out from jurisdictions that have opted for tougher crypto regulations. Crypto proponents believe such positive legislation will likely impact Bitcoin’s price to hit a record level.


Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.