- Venezuela is also a Country where there is an increased level of end to end transaction using Bitcoin in its local business.
- Venezuela being the top exporter of oil and oil-based derivatives have even surpassed Saudi Arabia in terms of quantity of export.
- Venezuela is buying Bitcoin on a large scale to stay in the safe zone if the economy of the Country might fall entirely.
One of the wealthiest countries in terms of oil trading, Venezuela is also Country where there is an increased level of end to end transaction using Bitcoin in its local business. But the main reason being why Bitcoin holding seen in growing numbers is might be the reason that the economy of Venezuela might be falling due to the recent tension in the economic sector of Venezuela.
Venezuela being the top exporter of oil and oil-based derivatives have even surpassed Saudi Arabia in terms of quantity of export. The Country has faced a recent collapse of its native currency, and this is the reason why people of Venezuela are buying Bitcoin on a large scale to stay in the safe zone if the economy of the Country might fall entirely.
However, on successful buying of Bitcoin, this might trigger the bull run on Bitcoin’s growth and will increase the price of Bitcoin, thus, in turn, making Venezuela a rich country among the top tiers.
Oil income is the primary source for the economy of the government of Venezuela. The recent decrement of prices in the oil market has triggered the fall in the native currency’s economic value.
The former president of Venezuela Hugo Chavez is working on a large scale to eradicate poverty and construct better shelter and provide necessary basic requirements to the people of Venezuela. The fallen economy has caused a constant dispute among the people of Venezuela and is continuously unable to purchase basic everyday needs.
Other than n Venezuela, there are other countries, including Argentina, Colombia, Turkey, and Iran, whose people are also in the run of buying Bitcoins to escape the crash of the local economy. These countries have seen a more significant pace of Bitcoin trading rather than domestic stocks and commodities.
Bitcoin introduced into Venezuela through crypto enthusiasts and miners. They might have influenced the habit of Bitcoin into its people. If Bitcoin becomes the next global reserve, then Venezuela is in high chances of becoming the superpower and next luxurious Country.