Brazil and Latin America’s biggest bank Itaú Unibanco will now provide crypto and Bitcoin trading for all its users. Over 60 million customers can now trade Bitcoin and other cryptocurrencies with Itaú Unibanco, according to local media reports.
Ion, the bank’s investment app, first made cryptocurrency trading available to a limited number of clients in December 2023, but it is now possible for users to purchase and sell Bitcoin and Ethereum. According to reports, the head of Itaú Digital Assets, Guto Antunes, stated that the cryptocurrency trading service was well-received. Weekly surveys were performed by the bank with the trial participants’ clients.
The fact that a conservatively regulated organization like Itaú embraces Bitcoin and cryptocurrencies further confirms that Bitcoin is a viable investment that will not go away. Other banks in the area might do the same.
Itaú Unibanco Banks on Growth Crypto Hype
Itaú Unibanco’s strategic move to enable its customers to trade Bitcoin and other cryptocurrencies is a significant development in the context of the rapidly increasing mainstream adoption of digital assets. This trend is further underscored by the recent approval of Bitcoin ETFs in the US, the relaxation of crypto regulations in Hong Kong, and the steady expansion of the digital market in emerging economies. These collective signals point to a growing acceptance of the digital world within the regulated financial sector.
According to CoinMarketCap, the value of the entire cryptocurrency market is $2.62 trillion. Grand View Research data project that the size of the worldwide cryptocurrency industry from 2023 to 2030 will increase at a compound annual growth rate (CAGR) of 12.5%.
That, alongside the expected growth in Bitcoin, has kept every virtual currency investor optimistic about their return on investment. Based on our long-term price forecast, Bitcoin’s predicted prices could hit an all-time high this year. Experts like Authur Hayes have also predicted that the BTC price could hit as high as $1 million in the long run.
Given the projected growth in the cryptocurrency market, Itaú Unibanco’s decision to allow Bitcoin trading is poised to not only attract a larger customer base but also significantly enhance the bank’s future revenue streams.
Brazil’s Growing Crypto Adoption
Brazil has seen a growing adoption of cryptocurrencies lately. According to Statista, in 2024, the cryptocurrency market in Brazil is expected to generate $1,094.0 million in revenue. By 2028, revenue is predicted to have grown at a compound annual growth rate (CAGR) of 9.57%, or $1,577.0 million.
However, with growing adoption comes the need to regulate the market specifically. Currently, Brazil has not passed any laws or regulations that particularly address cryptocurrencies, including crypto taxes. However, current legal and regulatory frameworks offer direction regarding cryptocurrency. This could be something investors in the region look out for in the future.
