Crypto interest among Brazilian investors and firms in the country has risen throughout the year. In one of the latest reports released by the tax authority of Brazil, the country’s firms showed a rise in crypto holdings.
The interest in crypto among investors in Brazil is also high. According to KuCoin research from April, nearly 34 million Brazilians have engaged crypto investors who have been involved in crypto investments in the previous six months.
Inflation, which increased by 10% this year, was the key transformation that prompted Brazilians to switch from cash to cryptocurrency. They began to explore cryptocurrency as a store of wealth and a form of payment.
In the latest figures released by the tax authority, over 12,000 firms have disclosed their crypto holdings.
August figures reveal 12,000 firms invested in crypto
The record-high numbers come amidst a period where inflation is soaring. This, in fact, has attracted several firms to move to crypto. As per the reports from Receita Federal do Brasil (RFB), 12,053 firms have declared crypto holdings in the August balance sheets.
In July, the number stood at 11,360. The current number is a visible 6.1% increase and is the highest ever to date. The most popular holdings among the firms are Bitcoin and Tether (USDT).
The number of investors in Brazil has dropped from the previous month to 1.3 million according to the August report. However, there was a drop in other stablecoins, including USDC.