{"id":5312,"date":"2025-01-03T03:08:54","date_gmt":"2025-01-03T03:08:54","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=5312"},"modified":"2025-01-03T03:08:54","modified_gmt":"2025-01-03T03:08:54","slug":"is-venezuela-abandoning-dollar-for-digital-assets-crypto-adoption-skyrocketed-over-past-year","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=5312","title":{"rendered":"Is Venezuela Abandoning Dollar For Digital Assets? Crypto Adoption Skyrocketed Over Past Year\u00a0"},"content":{"rendered":"<div>\n<p><span style=\"font-weight: 400\">As Venezuela continues to battle hyperinflation and economic instability, cryptocurrencies have emerged as a lifeline for many citizens.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">With the country\u2019s currency, bolivar, losing its value at an alarming rate and the US dollar becoming increasingly inaccessible for daily transactions, Venezuelans are turning to digital currencies\u2014particularly stablecoins\u2014as a means of financial survival.\u00a0<\/span><\/p>\n<p>On 30 December 2024, <a href=\"https:\/\/elpais.com\/america\/2024-12-30\/el-nuevo-dolar-gris-en-venezuela-es-digital.html\">local media reported<\/a> that, \u201ccryptocurrency exchange network is gaining strength among Venezuelans seeking ease of transaction, receiving remittances and finding refuge from the devaluation of the bolivar.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A quiet revolution in our lifetime<\/p>\n<p>From Venezuela to China, crypto is a quiet rebellion against financial tyranny. Empowering individuals where freedom is rare.<a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Freedom?src=hash&amp;ref_src=twsrc%5Etfw\">#Freedom<\/a> <a href=\"https:\/\/t.co\/exxf06ojeT\">pic.twitter.com\/exxf06ojeT<\/a><\/p>\n<p>\u2014 Dark Pigeon (@LinkedInNFT) <a href=\"https:\/\/twitter.com\/LinkedInNFT\/status\/1873960789448819060?ref_src=twsrc%5Etfw\">December 31, 2024<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><b>Crypto Adoption In Venezuela Skyrocketed Over Past Year\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400\">According to Chainalysis, crypto transactions surged by 110% in 2024 compared to the previous year, with an estimated $20 billion flowing into the Venezuelan economy via digital currencies. This figure represents a significant portion of the nation\u2019s $100 billion GDP.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This surge is not merely a trend but a necessity for survival amid relentless hyperinflation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In November 2024, inflation rose by 12.5%, further eroding the purchasing power of wages paid in bolivars. <\/span><\/p>\n<p><span style=\"font-weight: 400\">For many Venezuelans, cryptocurrencies offer a semblance of stability in an otherwise chaotic economic environment.<\/span><\/p>\n<p class=\"page-title\"><strong>Explore: <a href=\"https:\/\/99bitcoins.com\/news\/venezuela-clamps-down-on-crypto-mining-due-to-hefty-energy-consumption\/\">Venezuela Clamps Down on Crypto Mining Due to Hefty Energy Consumption<\/a><\/strong><\/p>\n<h2><b>Stablecoins Account For Nearly Half Of Venezuela\u2019s Crypto Transactions\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400\">According to Dan Cartolin, an Enterprise Account Executive at Chainalysis, stablecoins now account for nearly half of Venezuela\u2019s cryptocurrency transactions. \u201cStablecoins are particularly popular because they offer a hedge against the volatility of the bolivar,\u201d Cartolin explained. This makes them a preferred choice for daily transactions and cross-border remittances, which have become a critical source of income for many Venezuelan families.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite the decline in visible signs like \u201ccrypto accepted here\u201d banners in Venezuelan businesses, the nation\u2019s crypto economy is thriving beneath the surface.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT) are being used for everything from receiving remittances to safeguarding savings against the devaluation of the bolivar.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Stablecoins, in particular, have gained significant traction due to their pegging to more stable fiat currencies like the US dollar.<\/span><\/p>\n<h2><b>Government Policies: A Tolerant Stance On Crypto<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Venezuela\u2019s government has adopted a complex relationship with cryptocurrency.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While President Nicol\u00e1s Maduro initially promoted state-backed crypto projects like the Petro\u2014a digital currency tied to Venezuela\u2019s oil reserves\u2014the initiative collapsed due to inefficiency and corruption.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite this failure, Maduro has recently expressed renewed interest in cryptocurrency as a potential tool for bringing foreign currency into the country.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, while the government has cracked down on Bitcoin mining and imposed restrictions on certain crypto exchanges, it has largely tolerated unregulated crypto markets.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This laissez-faire approach has allowed cryptocurrencies to flourish as an informal financial system, providing citizens with an alternative to traditional banking channels that are often inaccessible or unreliable.<\/span><\/p>\n<p><strong>EXPLORE:<\/strong>\u00a0<a href=\"https:\/\/99bitcoins.com\/bitcoin-mining\/software\/\">Best Bitcoin Mining Software Reviewed<\/a><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/is-venezuela-abandoning-dollar-for-digital-assets-crypto-adoption-skyrocketed-over-past-year\/\">Is Venezuela Abandoning Dollar For Digital Assets? Crypto Adoption Skyrocketed Over Past Year\u00a0<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As Venezuela continues to battle hyperinflation and economic instability, cryptocurrencies have emerged as a lifeline for many citizens.\u00a0 With the country\u2019s currency, bolivar, losing its value at an alarming rate and the US dollar becoming increasingly inaccessible for daily transactions, Venezuelans are turning to digital currencies\u2014particularly stablecoins\u2014as a means of financial survival.\u00a0 On 30 December [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-5312","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/5312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5312"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/5312\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}