Brazilians turn to the stock market to invest in cryptocurrencies

Since 2019, the number of investors in the São Paulo Stock Exchange (B3) has increased from 1.4 million to 3.7 million. Many newcomers were attracted by cryptocurrencies and their promise of higher returns.

RIO DE JANEIRO, BRAZIL - Many Brazilians invest in the stock market to supplement income or save. Among the diversified options available to them, a cryptocurrency fund revealed the growing interest in these assets in Latin America's largest economy.

When it went public in April, the Hashdex Nasdaq Crypto Index fund (HASH11) attracted R$615.2 million (US$121 million) from 28,300 buyers, according to data from portfolio manager Hashdex.

Nearly three months later, its assets total R$1.4 billion (US$276 million) from 131,000 investors, 69% of them individuals.

"We had pent-up demand. Whoever did . . .

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