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Bitcoin Trading at All-Time High in Venezuela, Making it a Hot Bed for Crypto Adoption


Bitcoin Trading at All-Time High in Venezuela, Making it a Hot Bed for Crypto Adoption

Venezuela has been active breaking ground for cryptocurrency for quite some time. According to reports, the country has now adopted over 1000 business merchants accepting payments via cryptocurrency. 

Insider Information 

Although the number accounts for less than 1% of the retail stores currently active in the country, according to Ernesto Contreras, a cryptocurrency enthusiast, crypto use is expected to rise by over 10% in retail business by the end of the year 2020. The numbers are in heavy favor as it’s estimated that over $25 million worth of cryptocurrency is estimated to be transacted in retail businesses per year. 

Ernesto Contreras made the following assumptions based on certain factors including the increased number of retailers and business merchants turning towards cryptocurrency as a payment option. The government has also been advocating the use of cryptocurrency incorporating; as it initiated payment of wages using the cryptocurrency Petro (PTR).  

Venezuela and Cryptocurrency 

The people of Venezuela have been quite accepting of bitcoin and cryptocurrency in general. As per numbers, BTC volume soared to over 38% from 263.3 billion Venezuelan bolivares to 363.4 till January 11. Dash reported a 410% increase in its Android devices with Dash Wallet in the country from the months of May to November 2019. Growth for November alone was recorded at 27.3%.

Google Play store’s statistics also reported the same adding that Dash wallet users continue on an upsurge every month, with a total increase of 410% in the year 2019. The numbers only add to the country’s growing fondness and acceptance of the digital currency. The increase from its previous 7,587 active wallets to 39,759 active digital wallets over the past 7 months only cement cryptocurrency’s growing popularity in Venezuela.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.


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