The Brazilian's profit was in the devaluation of the real against the dollar, where is the real profit?

A Brazilian and an American bought 1000 dollars of bitcoin on September 20, 2024 and sold it on December 24, 2024. Let's see who made more money in the end.

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Purchase Data (September 20, 2024):

Bitcoin Price:

International: US$ 34,432.14

Brazil: R$ 34,321.43

Exchange Rate: 1 USD = R$ 5.5146

1. American:

Invested US$ 1,000 and bought 0.02905 BTC (US$ 1,000 ÷ US$ 34,432.14).

2. Brazilian:

R$ 5,514.60 (equivalent to US$ 1,000) also buys 0.02905 BTC.

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Sale Data (December 24, 2024):

Bitcoin Price:

International: US$ 94,684.34

Brazil: R$ 618,170.00

Exchange Rate: 1 USD = R$ 6.1917

1. American:

0.02905 BTC × US$ 94,684.34 = US$ 2,750.00.

Profit in dollars:

US$ 2,750.00 - US$ 1,000 = US$ 1,750.00.

Profit percentage:

(US$ 1,750 ÷ US$ 1,000) × 100 = 175%.

2. Brazilian:

0.02905 BTC × R$ 618,170.00 = R$ 17,956.94.

Profit in reais:

R$ 17,956.94 - R$ 5,514.60 = R$ 12,442.34.

Profit percentage:

(R$ 12,442.34 ÷ R$ 5,514.60) × 100 = 225.7%.

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Conclusion:

American: Profit US$ 1,750.00 (175%).

Brazilian: Profit R$ 12,442.34 (225.7%).

The percentage difference occurs because the real also depreciated against the dollar during the period, increasing profit in reais.