Look at the graph: in the last hours, the commercial dollar plummeted by a good 15 cents (or even more, depending on the exact time you checked), dropping from R$ 5.28 to flirt with R$ 5.21. Exactly in the same period, the $BTC appears on the graph with a beautiful green candle, rising steadily in reais.
Coincidence? Not exactly.
The inconvenient truth is that, in Brazil, a large part of what we call the 'rise of Bitcoin' is actually the depreciation of the real against the dollar. When the dollar falls this quickly, any asset priced in dollars (Bitcoin, gold, American stocks, whatever) automatically rises in reais, even if the movement in dollars is much more modest.
Today, for example:
Bitcoin in dollars rose something in the range of 2–5% in the last 24 hours (depending on the exact timing).
But in reais? The jump is much larger because the dollar lost strength precisely during this period.
It's the classic effect leveraged by the local currency. BTC didn't 'explode' out of nowhere — the real took a punch to the stomach (once again). The narrative of 'Bitcoin flying' looks nice on Twitter, but when you adjust for the local fiat currency, you realize that a good part of the show is the dollar (and by extension the real) playing the villain in the story.
While the world discusses whether Bitcoin will test new highs in dollars, here in Brazil the more honest question is another: how many cents will the dollar still lose today for BTC to seem like it's 'pumping wildly'?
In the end, Bitcoin hodlers in reais are winning twice: once due to the relative strength of crypto in dollars... and again due to the chronic weakness of our currency. But calling this just a 'merit of Bitcoin' ignores half of the equation.