Venezuela

10.3% of Venezuelans own cryptocurrency

How many cryptocurrency owners are in Venezuela?

It is estimated that over 2.9 million people, 10.3% of Venezuela’s total population, currently own cryptocurrency.

How do Venezuelans view cryptocurrencies?

Venezuelans are very open to cryptocurrency, with weekly peer-to-peer Bitcoin trading reaching record high volumes in 2020.

Venezuela - Global cryptocurrency 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.”

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 its national currency to bitcoin instead. This follows years of hyperinflation, during which the bolivar – both the old and the new – became worthless. The result is that society moved from dealing in money to barter, preferring to receive a loaf of bread, a roll of toilet paper, and a bag of sweets for a day’s work rather than currency that in the morning was worth $1 and in the evening was worth 1 cent.

Cryptocurrencies' rising popularity in Venezuela