Venezuela Embraces Crypto for Survival as Hyperinflation Ravages Economy
TLDR
- Venezuela’s hyperinflation has driven many citizens to adopt cryptocurrencies, particularly stablecoins, as a reliable alternative.
- Peer-to-peer trading platforms like Binance and LocalBitcoins have become essential for Venezuelans to exchange cryptocurrencies.
- Stablecoins, pegged to the U.S. dollar, have gained popularity for offering more stability than the volatile bolivar.
- Businesses in Venezuela, from street vendors to tech startups, are increasingly accepting Bitcoin and stablecoins for payments.
- The Venezuelan government has conflicting views on cryptocurrency, with occasional crackdowns on exchanges and mining activities.
Venezuela’s economic crisis in 2025 has driven many citizens to adopt…
