Hyperinflation and authoritarianism have constantly placed Venezuela in the sweet spot for a national cryptocurrency model. Whether for protection from its collapsing bolívar or to escape Nicolás Maduro’s strict regime, tech pundits are constantly touting the country as a best-case scenario for mainstream Bitcoin and digital asset adoption.

But according to a recent report from Chainalysis, Venezuela ranks fifth for total crypto value received in the Latin American region—and doesn’t even place in the top 20 worldwide. What’s going on? 

The latest report installment, the 2023 Global Cryptocurrency Adoption Index, focused on Latin America. In it, Venezuela was in the spotlight for its “unique crypto utility,”  highlighting the aforementioned political situation along with the nation’s well-known rampant inflation.

For Javier Bastardo, organizer of Satoshi in Venezuela, the largest grassroots Bitcoin group in the country and Bitfinex’s Bitcoin ambassador to Latin America, these numbers don’t really surprise him. 

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Author: Pedro Solimano

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