There’s an interesting development happening in Brazil’s political scene. It seems that Flávio Bolsonaro is getting serious about the presidential election, and while many people initially viewed it as a joke, traction is starting to emerge now.

As the son of former President Jair Bolsonaro, it’s clear he has a political pedigree, but it looks like he’s more than just a hereditary candidate—he appears to be starting to make his presence felt in the campaign. Bloomberg is also paying attention to this move, and people are likely watching to see how his political ambitions play out, even from a market perspective.

The key point going forward is to what extent the support base that backed President Bolsonaro will vote for his son, or whether he can bring in an entirely new group of voters. If efforts to expand nationwide support become more active, his political influence should also change.

I think these kinds of geopolitical shifts can sometimes ripple into the market as well, so it’s worth continuing to keep an eye on developments around President Bolsonaro. When you look at how both supporters and critics are reacting, it seems the market is also trying to gauge how serious this campaign really is.