RBF which is the Federal revenue collection authority of Brazil published data pertaining to crypto purchases in the country in October.
RBF notes back-to-back record settings by local enterprises in crypto purchases during the months of September and October respectively.
Record-Breaking Crypto Purchases
It has been a while since when small, medium, and large-scale local enterprises in Brazil have been integrating cryptocurrencies within.
The federally owned and controlled revenue collection authority of Brazil namely RBF has been taking note of this change for several months.
Under Brazilian laws pertaining to crypto, RBF is empowered to obtain data on crypto sales and purchases by taxpayers.
RBF had earlier issued the data of crypto purchases made during the month of September 2022. The data indicated that record-breaking crypto purchases were orchestrated by 41,817 all-scale enterprises.
According to RBF, the data indicated an astounding change in the Brazilian corporate sector though globally crypto purchases are shrinking.
New Record Set Up In October
RBF’s latest crypto purchase data for October indicate that there were 42,000 local enterprises that brought cryptocurrencies within their treasuries.
Consequently, the data further indicates that the local enterprises in Brazil have broken their own record and set up another.
Significant Drop in Crypto Purchases at Individual Level
RBF’s data further indicates that there has been a huge decline in crypto purchases at the individual level.
Data also show that in August, September, and October, crypto purchases at the individual level decreased to 1.265.818.
Prior to this period, Brazil had a population exceeding 1.5 million individuals who acquired different cryptocurrencies.
This meltdown at an individual level could be because of the ongoing crypto economy crunch.
A wave of Buying the Dip at the Institutional Level
One of the reasons why at the institutional level there is a massive increase in crypto purchases is because of the crypto market dip.
In the Brazilian corporate sector, the word is that crypto markets would make a strong comeback. Consequently, all-sized local institutions have been flocking to acquire Bitcoin to ensure that they buy the dip.
On another hand, the crypto market dip has worsened further because of the unfortunate departure of the world’s leading crypto platform, FTX.
FTX collapse has hence further boosted crypto purchases in Brazil at the institutional level.
Institutional Favorite Crypto Coins
Although, Bitcoin and Ethereum are the two most wanted cryptocurrencies in Brazil yet local companies prefer other coins as well.
For instance, currently, the most wanted crypto coin in the country is no other than but USDT.
RBF noted that the highest number of crypto purchases during the month of October was of USDT, the tokenized crypto of Tether.
RBF added that USTD worth approximately $1.8 Billion was spent in the acquisition of various cryptocurrencies in Brazil in October alone.
The record of transactions indicates that institutions carried out a total of 119,366 number of USDT transactions.
Like elsewhere, the ‘fear of missing out’ on Bitcoin long exists in Brazil. Even to date, Bitcoin is by far the most traded cryptocurrency in Brazil whose transactions exceed 1.34 million.
Although the price of Bitcoin has been facing a demise, investors in Brazil consider it to be a unique opportunity. They are still eager to invest in Bitcoin and want to gather as many coins as possible.
For them, it is the perfect opportunity so they can benefit from their investments once the price of the asset picks up the pace. For them, Bitcoin price should surge over the $60k mark in 2023.
Data further reveals that after Bitcoin, the highest number of transactions (i.e. 693,086) are done on the basis of BRZ.
Mainly BRZ operations were facilitated almost entirely by the recently departed crypto platform, FTX. Hence, BRZ transactions also have reduced significantly.