Brazil’s economic difficulties aren’t quite on par with those of troubled neighbors Venezuela and Argentina, however, it isn’t that far behind. According to data from the country’s national statistics office (IBGE), consumer price inflation in Brazil has hit record high of 9.57 percent, as measured by Brazil’s IPCA index.
These high inflation rates greatly decrease the purchasing power of the Brazilian currency, the Real.
Brave New Coin spoke with Fábio Anjos, co-founder of Brazilian Bitcoin Education startup Rexbit, who anticipates the economic situation in Brazil to worsen over the next 12 months.
A true believer in Bitcoin, Anjos believes that people will use it to protect their money only when the national currency is being devalued on a more frequent basis, such as daily.
“People will discover Bitcoin when the situation becomes critical,” said Anjos, comparing his nation’s economic fate to that of his neighbors. “Countries like Argentina and Venezuela are living in a real economic chaos and they are using Bitcoin as an emergency solution.”
Indeed, Argentinians living in Buenos Aires have done an incredible job of spreading bitcoin around their city. There are now more than 140 merchants showing across the greater Buenos Aires region on Coinmap.
However, for the most part, their efforts have been contained to the capital city and the rest of Argentina is nearly devoid of merchants who accept cryptocurrency. Not so in Brazil.
As you can see on the Brazil-specific version of Coinmap, MAPA Bitcoin, which happens to be run by Anjos, bitcoin-accepting merchants are spread far and wide around the populated parts of the country.
The country’s largest City, São Paulo, has a couple dozen merchants accepting bitcoin, but nowhere else in the country can compete with Aracaju, a much smaller city on the coast
Originally appeared at: http://bravenewcoin.com/news/bitcoin-fever-spreads-across-brazil/