Cryptocurrency adoption in Brazil as of 2022
It is estimated that 16 million people, 7.8% of Brazil’s total population, currently own cryptocurrency.¹
Amid a crypto boom in Brazil, several global exchanges like Binance, Coinbase, Crypto.com, see the country as Latin America’s main market in 2022.
According to Receita Federal, the Brazilian tax authority, between January and November 2021, locals traded $11.4 billion in stablecoins and almost tripled the total traded in 2020. Stablecoins also traded $10.8 billion in bitcoin last year.
Tether (USDT) is the preferred stablecoin for Brazilians, accounting for $9.7 billion acquired between January and November 2021. Other stablecoins bought included $1.6 billion in USDC, $12.9 million in DAI and $5.6 million in TrueUSD (TUSD).²
According to Binance’s representative in Brazil, Mayra Siqueira, the number of “Brazilian stablecoins traders” has quadrupled since January 2020.³
This suggests that cryptocurrency is only becoming increasingly mainstream in Brazil and has ample potential to become adopted as a new form of payment there.
As of 2021, it is estimated that 55% of the crypto users in India are male, and 45% are female.⁴
According to our data, cryptocurrency ownership in Brazil has increased from 4.9% in 2020 to 7.8% in 2021, representing an increase of about 6 million cryptocurrency users.
Brazil is the fifth country in the world in terms of the number of cryptocurrency owners. Brazil leads South America in terms of cryptocurrency-active owners, ahead of Colombia (7.7%), Mexico (5.9%) and Argentina (4%).(3)