There Are At Least Twice as Many Bitcoin Traders in Brazil as Stock Investors
Bitcoin critics try to attack the cryptocurrency from all angles, but one thing no one can deny is that BTC has now completely captured the attention of the masses. According to figures in local reports, there are already more than twice as many people invested in bitcoin as those who trade stocks in Latin America’s largest economy, Brazil.
Bitcoin > Stocks
The cause of this popularity, according to the owners of these exchanges, is the massive price rally last year. “The variable that explains this is the price of bitcoin,” said Rodrigo Batista, CEO of Mercado Bitcoin (Bitcoin Market), which reached 750,000 customers in 2017, a jump of 275% in comparison to the previous year. For Andrй Horta of Bitcoin to You, which serves 300,000 people, the fall in the profitability of other investments was another factor that attracted investors to bitcoin.
Exchanges Can’t Keep Up with Demand
To handle the number of investors, who are growing at almost 3.5 times from year to year, exchanges have had to strengthen their IT systems and hire more staff. Bitcoin to You has quadrupled its staff to 40 people.
With 350,000 registrations, Sгo Paulo-based Foxbit had to suspend service to new investors in mid-December. “From one day to the next, the daily volume has gone up five times and we have not been able to meet this demand,” said Guto Schiavon, founding partner of Foxbit. From 40 people in November, the company’s staff rose to 60, and another 15 people were hired in January when the company reopened to the public.
What other factors can explain the popularity of bitcoin in Brazil' Tell us what you think in the comments section below.
The post There Are At Least Twice as Many Bitcoin Traders in Brazil as Stock Investors appeared first on Bitcoin News.
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