Venezuelans and Argentinians rely heavily on crypto amid economic crisis
Share link:In this post: Crypto adoption has surged in Latin America, with Argentina and Venezuela leading the pack. Due to economic crises and weak local currencies, citizens turned to stablecoins for protection. Mexico and Brazil have maintained their love of crypto.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qu
The economic crises in Venezuela and Argentina have forced many citizens to turn to crypto as a savior. Plagued with runaway inflation and unstable local currencies, they have no choice but to use crypto to maintain their savings and even carry out daily transactions.
Chainalysis reports that Latin America has the seventh-largest crypto economy globally, ahead of only Sub-Saharan Africa. Despite having a way smaller economy than other regions, the adoption is inherently stronger.
Source: ChainalysisBrazil, Argentina, and Mexico rank in the top 20 of the Global Crypto Adoption Index. Argentina has been battling severe currency devaluation for over three years now. President Javier Milei has said before that he is interested in using crypto to save the economy.
Venezuela’s crypto revolution
Venezuela’s economic disaster under Nicolás Maduro’s has triggered an insane hyperinflation and the complete collapse of the Bolívar. According to Chainalysis, 92.5% of all Venezuelan crypto activity happens on centralized exchanges.
Venezuelan opposition leader Leopoldo López has shared how crypto has helped many Venezuelans preserve their savings. He stated that Venezuela experienced one of the worst hyperinflation rates ever, exceeding 1 million percent.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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