The feeling of having resumed the bull run in the cryptocurrency market, besides creating a positive environment among bullish traders, also generates conditions for institutions and states to look at this potential market and decide to invest.
And when I say that institutions and states are interested in the cryptocurrency market, I mention it because Tether has experienced a significant increase in adoption in Brazil so far this year, and this may be due to the resumption of the uptrend.
A recent article published in Cointelegraph by Ana Paula Pereira stated that "The stablecoin Tether (USDT) has experienced a significant increase in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country, according to data from Brazil's revenue agency.
It should be noted that "USDT transactions have been on the rise in Brazil since 2021, but surpassed Bitcoin volume for the first time in July 2022, right at the height of the cryptocurrency industry storm last year, when cryptocurrency lenders Three Arrows Capital and Voyager Capital collapsed."
On the other hand and no less important "The Brazilian tax agency tracks cryptocurrency-related activities of citizens using a sophisticated system that relies on artificial intelligence and network analysis. According to a blog post, the system is capable of detecting suspicious activity and tracking the location of people transacting with cryptocurrencies"
SOURCES CONSULTED
Cointelegraph. Brazil’s USDT adoption soars in 2023, makes up 80% of all crypto transactions. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
So long as crypto exist, USD is gonna lost its relevance to Tether USD because it's easily accessible onchain and offchain especially in the p2p market. The p2p market is threatening to become the largest unorthodox foreign exchange market in the world if it continues at this pace.
Also crypto enthusiast from developing countries with a low currency value are opting for crypto investment and trade to allow them earn in Tether USD. This enhances their personal income and purchasing power.
For example, for months now, I save my fiat on Bitget as a hedge against Naira inflation and I know a lot of people will do the same.
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