• Brazilians are going all-in on cryptocurrencies this year, purchasing an average of $350 million a month to top $4 billion in the first nine months of 2021.
• Elsewhere, a toddler who was gifted one BTC at birth has seen the holding grow 6,500 percent since to over $60,000.

Brazilians have been pouring into cryptocurrencies this year, with the latest data from the country’s central bank showing a huge influx into digital assets. According to the data, investors in Brazil have averaged $350 million a month in the first eight months of 2021. According to central bank estimates, Brazilians are on track to own more cryptocurrencies than they do American stocks.

Brazil has been one of the countries that have provided the biggest market for Bitcoin over the past few years. According to The Next Web, Brazil ranks seventh on the list of countries with the most Bitcoin exchanges. Hootsuite puts the country fifth in terms of the number of cryptocurrency owners.

And now, the Central Bank of Brazil has provided data to prove that Brazilians have been some of the biggest adopters of cryptocurrencies.

In its report, the bank revealed that Brazilians have purchased $4 billion from January to August. The data for September wasn’t available at publishing time.

The activity peaked in May when most cryptocurrencies were hitting their record highs. In that month, Brazilians purchased $756 million. Since then, the figures have dropped slightly, clocking $500 million in August.

While the central bank lauded the adoption of cryptocurrencies in the Latin American country, it voiced concern that the country was only importing, with minimal export. While inflows topped $4 billion, outflows from Brazil accounted for about $15 million, less than 1 percent of the inflows.

Bruno Serra, the director of monetary policy at the bank noted:

It’s a one-way flow. Due to the cost of energy, Brazil does not produce crypto, it is just an importer.

Brazilian toddler makes 6,500% on BTC holding

As investors bet on Bitcoin, one toddler has seen big gains on BTC she received at birth. João Canhada, the founder of Brazilian cryptocurrency exchange Foxbit, gifted her daughter 1 BTC in 2017 on the day of her birth. At the time, one BTC was worth about $915.

Fast forward four years later and Bitcoin has exploded in value, and with it, the four-year-old’s BTC stash.

Read More: Bitcoin bears are on life support, says analyst as BTC holds above $60K

Bitcoin is trading just shy of $62,000 at press time. At this price, the BTC the toddler got at birth has shot up in value by 6,500 percent. In comparison, over that time, the S&P 500 has grown by a modest 114.41 percent. Electric vehicle giant Tesla has been one of the best-performing stocks in the market in that time. Since mid-2017, it has shot up by 1,100 percent, still much lower than the BTC that the four-year-old has been holding.

The father commented

As soon as my daughter was born, in 2017, I bought 1 Bitcoin for her, not just as a gift, but as a way of investing in this new economy. At the time, BTC cost 5,000 Brazilian Real.

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