About
Newsroom
Careers
Crypto Ownership Data
Blog
White Paper
Support
API Documentation
Exchange Rate
Venezuela
Cryptocurrency information about Venezuela
How many crypto owners in Venezeula?
It is estimated that over 2.9 million people, 10.3% of Venezuela’s total population, currently own cryptocurrency.(1)
How do Venezuelans view crypto?
Venezuelans are very open to cryptocurrency, with weekly peer-to-peer Bitcoin trading reaching record high volumes in 2020.(2)
Venezuela – Global crypto hub?
Venezuela has recently announced the authorisation of the Decentralised Stock Exchange of Venezuela, known as BDVE, allowing users to access the exchange “from anywhere in the world” and “without restrictions.”(3)
In a fascinating move Venezuela, which has been a basket-case economy ever since Hugo Chavez died in 2013, has dropped their national currency (the bolivar) and any ties to the US dollar, and decided to link their national currency to bitcoin instead. This follows years of hyperinflation where the bolivar – both the old and the new one – became worthless. The result is that the society moved from dealing in money to dealing in barter, preferring to receive a loaf of bread, a toilet roll and a bag of sweets for a day’s work than a currency that in the morning was worth $1 and in the evening was worth 1 cent.(4)
Crypto’s rising popularity in Venezeula
- Bitcoin.com: Major Venezuelan Aviation Academy Enables Bitcoin Payments – April 2021
A leading Venezuelan aviation academy announced its inception into cryptocurrency adoption after enabling bitcoin payments. Caracas Air is now accepting crypto payments for those who want to take any of their courses - DW.com: Venezuelans try to beat hyperinflation with cryptocurrency revolution – April 2021
With Venezuela’s official currency plummeting for years, both the government and cryptocreators are trying to stem the rot with digital tokens. For ordinary Venezuelans, the cryptoboom also means regaining freedom. - newsgram: Venezuela announces Bitcoin & Litecoin in remittances platform… – November 2020
This step will allow the Venezuelan citizens to receive crypto remittances officially. - Bitcoin.com: Venezuela to start using cryptocurrency in global trade… – October 2020
The move will give new strength to the use of Petro and other cryptocurrencies in domestic and foreign trade. - Cointelegraph: Venezuela sees first Blockstream Bitcoin satellite node… – September 2020
The launch of the node will keep the Bitcoin blockchain updated for Venezuelan users without being dependent on a local internet connection - Cointelegraph: Venezuelan Petro payments may be on the rise… – June 2020
The government claims that 15% of fuel payments at petrol stations were made using the state-backed Petro token. - Binance: Binance P2P adds support for Venezuela Bolivar… – April 2020
Major cryptocurrency exchange, Binance, announced the listing of Venezuelan Bolívar in their peer-to-peer trading platform with no fees attached.
1. https://triple-a.io/crypto-ownership/
2. https://coin.dance/volume/localbitcoins/VES & https://www.usefultulips.org/Latin%20America_Page.html
3. https://cointelegraph.com/news/venezuela-trials-decentralized-stock-exchange-open-to-the-world
4. https://thefinanser.com/2021/04/venezuela-replaces-national-currency-with-bitcoin.html/#:~:text=In%20a%20fascinating%20move%20Venezuela,national%20currency%20to%20bitcoin%20instead.
Ready to get started?
Sign up for free or get in touch with us
