A report has revealed that the total value of bitcoin trading among digital currency exchanges in Brazil has now surpassed that of gold spot trading on the Brazilian Securities, Commodities and Futures Exchange – the country’s securities market authority and regulator – during the first half of 2016.
Bitcoin is increasingly seen as a store of value ‘asset’ by everyday investors around the world. China is seen as the most obvious example, with over 90% of the global bitcoin trading volume now coming from the most populated country in the world. With Brazil, another growing economy is seemingly following suit, with an increasing appetite for the cryptocurrency.
A report by non-profit org and publication FEE, citing Brazilian bitcoin information resource BitValor has revealed that bitcoin trading among Brazilian cryptocurrency exchanges scaled over R$ 164 million (~US$47 million). In that period, gold spot contracts (specifically for 250g and 10g equivalent bars) on the Securities, Commodities, and Futures Exchange, reached round R$153 million (~US$44 mi). Bitcoin trading is surpassing that of gold in Brazil, by