Bitcoins market in Brazil is experiencing unprecedented growth, so much so that the volume of transactions in the cryptocurrency has exceeded the volume of transactions in the sale of gold in the first six months of 2016.
The statistics portal bitValor show that during the first half of the year the volume of trade with bitcoins in Brazil was increased to 164 million Brazilian reais (47m USD), exceeding the 153 million Brazilian reais (44m USD) registered in gold trading operations according to reports from London Bullion Markets Association .
The numbers reflect a significant growth of Bitcoin in the Brazilian market, having exceeded in the first six months of the year the volume of transactions in gold sales reflects the growing preference of citizens in Brazil on Bitcoin as a reserve asset.
Overall, the gold market recorded daily volumes of $ 2 trillion on average, a figure which has been approaching Bitcoin in recent months and currently registered 1.5 trillion dollars daily, according to the portal records Bitcoinity .
Gold, precious metal remains the most widely used globally as a store of value. With the recent turbulence generated by the financial and economic system in the world, many people have turned to gold to protect their capital. However, Bitcoin as a reserve asset has been gaining ground in a very important way.
This is an indicator that should not be passed in a hurry, since not only reflects the strength Bitcoin is gaining in Brazil but also globally. Although the South American country still does not have a large community in proportion to its total population, bitcoins market continues to grow , and last month the increase was reflected by the other countries like Venezuela and Colombia.
Other important facts related to Brazilian banks, who through Bradesco has begun to make moves to use Bitcoin technology , also known as blockchain to improve its financial services platform. In addition to Bradesco, Itau is another important bank in Brazil also joined the R3 consortium , which is made up of several banks and technology corporations looking to explore the benefits of technology blockchain.