Published on September 4th, 2015 | by bitcoin0
In Brazil, Bitcoin Trade Volumes are Surging
Apart from Argentina, Brazil has also suffered a huge blow to its currency and capital flows, rendering bitcoin trades as an alternative form of investment.
Bitcoin Trades in Brazil
According to data from Mercado Bitcoin, volumes of bitcoin trades have increased from $1.65 million to $2.6 million in the past few months, representing a monthly gain of around 158% across exchanges.
Just last month, Mercado Bitcoin processed a total of $740,480 in bitcoin trades, accounting for 28.48% of the market share.
This surge in bitcoin volumes has taken place in Brazil despite the negative image of the cryptocurrency there.
Bitcoin has a bad reputation here but anyway the merchants are definitely being more opened to it,” BaseBit founder Daniel Novy told Bitcoin Magazine.