During the first six months of 2016, bitcoin trading volume on Brazilian crypto exchanges surpassed that of gold spot trading on the Brazilian Securities, Commodities and Futures Exchange (BM&F BOVESPA). In this period, over R$ 164 million (~US$47 mi) were traded on the specialized exchanges, while gold spot contracts (for 250 g and 10 g equivalent bars) registered around R$153 million (~US$44 mi). In June, bitcoin trading volume was twice the precious metal volume.

This unprecedented and historic milestone confirms the strong growth the cryptocurrency has had in Brazil. According to website bitValor.com, June’s year-to-date bitcoin volume exceeds by 45% its entire trading volume in 2015, when local exchanges reported R$ 113 million worth of transactions. This year’s first semester is commensurate to the last three years combined.