Interest Rate Adjustment Opens Way for Brazil to be New ‘Bitcoin Demand Source’

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Interest Rate Adjustment Opens Way for Brazil to be New ‘Bitcoin Demand Source’

The economic gloom of Brazil continues amid the coronavirus pandemic. The deteriorated fiscal position and political uncertainties have created fears of a deep economic recession.

The Central Bank of Brazil has also cut the interest rate to 3%, which is an all-time low. In fact, it is expected that there will be another monetary policy slash in interest rate as they seek to fill out the degree of stimulus needed to ease the economy.

According to a report published by Delphi Digital, the 30% loss in the value of the Brazilian Real and the cutting of the interest rate to 3% will drive investors away to a better option. In the report, it was stated that the sheer size of this potential move may be a demand source for Bitcoin.

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