Hi all together,
I am an expat living in Brazil for around a year now. I've been following what is happening to the value of the brazilian Real closely.
A few days ago the former historic low of 3.96 BRL for one USD was reached and on September 24th it went to as far as 4.24 BRL/USD. The brazilian economy goes through a crisis because of (non-exhaustive list):
- low oil price
- economic struggle of an important trade partner: China
- corruption scandal in the contry's biggest oil company PetroBras
- (...)
I am skimming the internet every day for news on the economic situation and am also talking to locals. So far the people around me do not seem concerned (prices four domestic produce still stays stable). Big mourning, of course, for those who want to go abroad now. I only have information about the Rio de Janeiro area. If you live somewhere else in the country I am interested to hear what people think there.
Trading volumes for BTC on brazilian exchanges is veeeery low compared to Bitstamp/Bitfinex and the like. As such a little move of BTC's value together with a change of the Real's price causes the BTC/BRL pair to jump crazily. To say it with one word: v
OL
aT
ILe Out there in the world some people are saying Brazil is becoming the new Greece except that there is no EU to help and population is 20x bigger (11M vs 200M).
So what is this thread about?
If you have substantial information to add (economic situation, advice on how to deal with the crisis, ...), feel free to comment.
I am not asking for investment advice. I don't want to read conspiracy theories.
Let's have a intelligent conversation about what is going in this country and how that fits together with Bitcoin.