Over 12,000 Brazil companies declare crypto holdings in record high

The number of companies holding cryptocurrency in Brazil has reached new record highs as of August, amid an increased trust in cryptocurrencies and high inflation rates. The country’s taxation authority, Receita Federal do Brasil (RFB) recorded 12,053 unique organizations declaring crypto on their balance sheets in August 2022.

The number is a 6.1% increase from the 11,360 companies in July and is the month with the highest recorded number of companies with crypto holdings to date. Bitcoin is the most popular cryptocurrency held by institutions, followed by stablecoin Tether.