24 Oct '14, 2pm

Bitcoin Gaining a Foothold in Brazil - CoinTelegraph

Bitcoin Gaining a Foothold in Brazil - CoinTelegraph

Many things that can be said about Brazil, but income equality is not one of them. The recent troubles during the World Cup demonstrated that the great majority of the population has been anything but happy at the government’s (mis)management of the country’s money. The good news is, however, that Bitcoin is making a strong attempt to fill the gap left by Brazil’s Central Bank. In January of 2014 Brazil’s inflation had grown to 5.91% and was still climbing. Rodrigo Batista, president of online brokerage Mercado Bitcoin announced that the trading volume had grown from zero to R$10.5 million (US$4.4 million) in less than one year. Brazilians were looking for a way store their wealth after the value of the real had dropped 9.6% in only three months and Bitcoin seemed like a good alternative, especially after its huge price surge in 2013. Batista, a former program developer fo...

Full article: http://cointelegraph.com/news/112794/bitcoin-gaining-a-fo...

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