5 Reasons Why Venezuelans Are Turning to Crypto to Cope with the Economic Crisis

Jakarta, Pintu News – Venezuela is facing an extraordinary economic crisis, characterized by runaway inflation and a collapse in the value of the local currency, the bolívar. Under these conditions, more and more citizens are turning to cryptocurrencies as a means to protect the value of their money.

From small shops to large retail chains, many businesses in Venezuela now accept cryptocurrency payments through platforms like Binance and Airtm. The use of stablecoins to pay employee salaries is also increasingly common. This phenomenon makes cryptocurrency an important alternative to the increasingly depressed economy of Venezuelans.

Here are five reasons why crypto adoption in Venezuela continues to surge despite various technical and policy challenges.

1. The Declining Currency of Bolívares

Since the Venezuelan government stopped efforts to maintain the value of the bolívar currency last October, the value of the bolívar has fallen by more than 70%. Inflation that soared to 229% in May 2025, according to data from the Observatory of Venezuelan Finance (OVF), has made matters worse.

This currency crisis has forced many Venezuelans to look for alternative solutions, one of which is the use of cryptocurrencies. Economist Aarón Olmos revealed that many people started using cryptocurrencies due to the urgent need to protect their purchasing power from uncontrolled inflation.

Also Read: Tardigrad Trader Predicts Dogecoin Preparing to Surge 3x Compared to Bitcoin!

2. Increased Use of Crypto for Payments and Remittances

Cryptocurrency adoption is not just limited to domestic transactions. International remittances, or remittances, are becoming one of the sectors most affected by the increasing use of crypto.

By 2023, around 9% of the total $5.4 billion in remittances to Venezuela will be in cryptocurrency. The use of traditional remittance services such as Western Union is declining, mainly due to high fees, delays, and frequent foreign currency shortages.

3. Use of Stablecoins as a Primary Choice

Many Venezuelans prefer stablecoins, such as Tether (USDT), as an option to store and transfer money. This is due to the price stability it provides compared to the local currency, which is subject to extreme inflation.

For example, in a case reported by the Financial Times, a buyer named Victor Sousa used USDT to buy cell phone accessories. Sousa said that he plans to keep most of his savings in cryptocurrency to protect his wealth.

4. Increased Crypto Access and Infrastructure

Despite constraints in access and infrastructure, such as sanctions from the United States restricting access to major platforms like Binance and connectivity issues in some regions, crypto adoption is growing.

Businesses large and small across Venezuela are starting to accept cryptocurrency payments through various platforms. This shows that the crypto ecosystem in Venezuela is quite resilient despite external and internal challenges.

5. Government Policy Uncertainty on Cryptocurrencies

The Venezuelan government’s policy towards cryptocurrencies has been inconsistent. Although Venezuela launched its own digital currency, the petro, in 2018, the project fizzled out last year. In 2023, the country’s main crypto exchange regulator was even shut down after allegations of corruption involving oil-related transactions.

Even so, many remain optimistic that cryptocurrency will still play an important role in Venezuela’s economy, given the number of people already using it as a means of payment and investment.

Also Read: 3 Things You Need to Know About Linklogis & XRP Ledger Partnership!

Follow us on Google News to get the latest information about the world of crypto and blockchain technology. Check today‘ s bitcoin price, today’s solana price, pepe coin and other crypto asset prices through Pintu Market.

Enjoy an easy and secure crypto trading experience by downloading Pintu crypto app through Google Play Store or App Store now. Also, get a web trading experience with various advanced trading tools such as pro charting, various types of order types, and portfolio tracker only at Pintu Pro.

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Cointelegraph. Venezuela’s crypto adoption surges amid inflation and currency collapse. Accessed August 28, 2025.