How Crypto Became an Everyday Tool in Venezuela
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- In 2024, crypto usage in Venezuela surged 110% year-over-year, placing the country 13th globally in adoption
- Local currency, the Bolívar, lost over 70% of its value after the government stopped defending it in late 2023, and by May 2025, inflation had jumped to 229%
- From independent street vendors to large national chains, merchants are now accepting crypto via platforms like Binance and Airtm, and are even paying employees in stablecoins
Venezuela is increasingly turning to cryptocurrencies (especially USDT) as a financial lifeline amid economic collapse. According to the Chainalysis 2024 Global Crypto Adoption Index, crypto usage in the country surged 110% year-over-year, placing Venezuela 13th globally in adoption.
The local currency, the Bolívar, has had a very steep fall. It lost over 70% of its value after the government stopped defending it in late 2023, and by May 2025, inflation had jumped to 229%.
Faced with declining wages, collapsed currency, and restricted banking access, people and businesses alike are aggressively adopting stablecoins like USDT as a more reliable store of value and medium of exchange.
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