Brazil’s Bitcoin Ecosystem Gains Momentum, Surpasses Gold Trading

Which is a better investment and trading option, gold or bitcoin? The Brazilians like many other countries seem to prefer the latter. The digital currency trading volumes in Brazil has exceeded that of gold in the past six months.

According to reports, the total trade volumes of bitcoin on Brazilian cryptocurrency exchanges has surpassed the gold spot trading activity on Brazilian Securities, Commodities and Futures Exchange by about 7 percent. The trade volumes were calculated from the beginning of this year till the end of June. The total value of gold spot trades for the period of six months currently stands at around $44 million as against bitcoin’s $47 million during the same period.

The rising trend in bitcoin trading is not just confined to Brazilian markets. There has been a surge in the usage of digital currency among the trading community since the past few months, fueling n increase in the bitcoin value. The recent rise in bitcoin prices from about $450 to over $700 before stabilizing at around $650 is attributed to increased demand in the Chinese market, Brexit and other external factors.  People in closed, failing economies are speculated to be more inclined towards investing in bitcoin than

Read more ... source: TheBitcoinNews