First, BRLUSD went from 0.488 at the start of 2013 to 0.309 now, which is only a 37% depreciation. Second, and more important, unlike crypto, BRLUSD paid 10%is

First, BRLUSD went from 0.488 at the start of 2013 to 0.309 now, which is only a 37% depreciation. Second, and more important, unlike crypto, BRLUSD paid 10%ish interest rates every year since then, so the total return of a US investor who invested into BRL currency forwards at the start of 2013 is +2.67%, a far cry from an 80% loss.