Since I joined the Foxbit Group, I have spent years of my life explaining to people about the potential of the cryptocurrency market and that the technology was increasingly consolidated.
Of course, this type of conversation becomes much simpler in times of high demand, like the current one, but they continue to appear. However, in a different way.
Recently, the need to justify all the advantages that Bitcoin, tokenization, and Drex have over the financial system has been greatly reduced. And I see part of this because the consolidation of the cryptocurrency market in Brazil has already happened. So, why should we keep old dialogues if, now, we can move forward with new opportunities?
Record operations
One of the major forms of support we received was from the Federal Revenue Service (RFB). The agency once again released data on investor transactions on exchanges. For those who don't know, national brokerages are required to send monthly trade reports to the RFB.
And in the last release, on November 13, we had access to very interesting data about Brazilian behavior in relation to the cryptocurrency market.
In terms of declared volume of digital asset purchases and sales alone, September exceeded R$115.7 billion. This is a new monthly record for the Brazilian market. When we compare this number with the R$28.3 billion traded in October, the ninth month of the year saw a 304% growth in transactions.
For the entire year, the amount already exceeds R$363 billion – 27% above the R$284.4 billion in 2023.
What about investors?
That's right! RFB data shows a drop in the number of direct cryptocurrency investors. From 8.9 million in January, compared to 4.3 million in October.
However, it is important to note that the figures only consider transactions that took place in centralized environments. People who use decentralized platforms are not included.
Furthermore, Bitcoin is not the most traded cryptocurrency in Brazil. USDT is. The dollar-backed stablecoin transacted around R$16.6 billion, compared to R$3.1 billion for BTC.
And this number tells us a lot!
Even though there have been fewer investors in the last month, they are still participating. However, the use of cryptocurrencies as an alternative to money is gaining strong traction. In other words, some Brazilians are more concerned with using technology to facilitate and reduce bureaucracy in financial transactions than necessarily thinking about short-term profits.
And, for me, this is the key point of what we are experiencing in Brazil.
True crypto consolidation
When I am asked about the legitimacy or consolidation of cryptocurrencies as a financial asset, I dismiss any opinion. I leave it to Larry Fink and Michael Saylor to speak.
They are the biggest managers in the world. If they are saying that Bitcoin is a real asset, it would be crazy to disagree with these giants!
But that doesn't mean the discussion ends here. After all, the use of stablecoins in Brazil is a much greater consolidation than any US$100,000 that BTC could reach in its history.
The debate is no longer about whether Bitcoin is a strong asset, but about where the opportunities are for us to use its technology in our daily lives. In other words, we already understand that cryptocurrencies have already been incorporated into the traditional financial market. Now we need to know how to make the most of this potential.
For me, this is the final consolidation that, if it was missing, is no longer missing for this asset class!
The article The consolidation of the cryptocurrency market in Brazil was first seen on BeInCrypto Brazil.
