Calado, Luiz Roberto2026-09-302026-09-302026ALVES, Weverson Ribeiro. Bitcoin como alternativa financeira em economia emergentes: um estudo sobre a correlação entre a valorização do criptoativo e a desvalorização do real brasileiro (2018-junho/2025). Goiânia (GO), 2026. 36 f. Dissertação (Mestrado Profissional em Administração) - Centro Universitário Alves Faria, 2026.http://repositorio.unialfa.com.br/handle/123456789/832The present work aims to analyze the correlation between the appreciation of Bitcoin and the depreciation of the Brazilian real, in the context of the economic uncertainties experienced by the country between 2018 and June 2025, as a complement to the study of the European Central Bank. It starts from the question of whether there is a statistically significant relationship between these two movements, capable of indicating the use of Bitcoin as a currency hedge by Brazilian investors. The central hypothesis is that, during periods of macroeconomic instability, Bitcoin has been adopted as an alternative to the national currency, acting as a store of value and a portfolio diversification tool. The methodology adopted is quantitative, with time series analysis and the application of Pearson correlation, Johansen test, R test, and regression, among the exchange rate movements of the real, Bitcoin appreciation in reais, and analysis of a synthetic portfolio, using the Ibovespa as a benchmark, with and without Bitcoin in the portfolio. The data were collected through cryptocurrency trading platforms in Brazil, as well as official sources such as the Central Bank of Brazil and the European Central Bank. The theoretical framework is structured based on contemporary studies on cryptocurrencies, behavioral economics, and portfolio diversification. The results confirm a significant statistical correlation between the volatility of the real and the trading volumes and appreciation of Bitcoin, reinforcing the thesis that distrust in the national currency drives the adoption of digital assets in Brazil.ptBitcoinFinanças comportamentaisCriptoativosEconomias emergentes