Economic Instability and Bitcoin: Why are Bitcoin Trades on the Uptick in Brazil?


If you’ve been following along with my previous posts here on Altcoinpress, you’ve seen my articles regarding the Greece economic crisis and the role bitcoin has played. On the other side of the world, we have an interestingly similar event unfolding.

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Brazil is in the midst of a 9.6 percent inflation rate, and the unemployment rate was at 6.9 percent in July 2015. The country faces a recession that will likely be worse than the one it suffered in the 1930s. People are putting the brakes on spending, although it is unknown how many people are taking money out of the financial system. Due to strict financial regulations, people can’t easily move their money out of the country.

Bitcoin Trading Increase

In the middle of all of this, we are seeing the same thing happen that occurred in Greece. Bitcoin trading is up in Latin America by 120 percent, and the number of monthly bitcoin exchanges in Brazil is estimated at $2.8 million USD. Coincidence?

Believe it or not, some people are indeed chalking it up to a coincidence. Many

Read more ... source: TheBitcoinNews