Imports of cryptocurrencies by Brazilians reached R$8.9 billion in April, marking growth in the sector despite the recent fall of Bitcoin. This result shows the significant increase in transaction volume, which more than doubled compared to the same period in 2023.
After a record in March, the imported volume of cryptocurrencies in Brazil continued to grow in April. The sum reached the figure of US$1.731 billion, equivalent to R$8.9 billion. This value represents a 127% increase compared to the US$763 million recorded in April 2023.
According to data released by the Central Bank this Friday (24), this growth occurred despite the 14% drop in the price of Bitcoin, which reached a peak of almost US$74,000 in March.
Furthermore, in the first four months of 2024, Brazil imported a total of US$6.420 billion in cryptocurrencies, a 120% increase compared to the US$2.915 billion imported in the same period last year. Brazil reached, in just a third of the year, half of the total volume imported in 2023, which was US$12.306 billion.
Exports suffer fall
Contrary to imports, Brazilian cryptocurrency exports, although growing annually, showed a lower performance when compared to imports. In April, for example, exports reached US$120 million. This is an increase of 823% compared to the same period in 2023, when only US$13 million was recorded. However, this value is lower than the US$202 million exported in March 2024.
In the four-month period, exports totaled US$468 million, compared to US$613 million recorded in the same period last year. This represents a drop of almost 24%. The expectation is that the country will surpass the mark of US$613 million exported in 2023 between June and July this year, if the current pace is maintained.
For the Central Bank, the import of cryptocurrencies reflects the flow of digital assets between foreign sellers and buyers residing in Brazil. Commercial transactions are monitored by the monetary authority through exchange contracts.
This continuous movement of purchasing digital currencies indicates that, even in the face of a falling market, Brazilian investors continue to acquire assets. This corroborates the positive flow data from national cryptocurrency funds since last year.
The increase in imports of cryptocurrencies in a period of market decline may be a sign of confidence among Brazilian investors in the recovery and future appreciation of digital assets. This behavior also aligns with the trend observed since last year, when national cryptocurrency funds recorded positive results.
Industry experts highlight that Brazilian investors’ interest in cryptocurrencies may be related to a search for investment diversification. However, this movement could also be linked to protection against domestic economic volatility.
Furthermore, the regulatory scenario in Brazil, which has shown a relatively favorable stance towards the adoption of blockchain and cryptocurrency technologies, may also be encouraging this movement.
Source: https://www.criptofacil.com/brasileiros-importaram-r-89-milhoes-em-criptomoedas-em-abril/
