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Any sources on how many Venezuelans actually moved their money into crypto?

Nursie 5y ago
Usually this is where someone from Venezuela comes along and tells us that this is a tiny minority, and most people want US Dollars because they can actually use those.
- aga98mtl 5y ago
  The government controls the traditional US Dollars remittance systems. They can force absurdly bad exchange rates. Crypto shines where the government is messing with banking and currencies.
  - FranchuFranchu 5y ago
    I'm from Argentina, people who want to trade US dollars usually do it on illegal unofficial markets with better rates. I think it's likely that it's the same in Venezuela.
  - bhandziuk 5y ago
    > Crypto shines where the government is messing with banking and currencies but isn't any cryptocurrency still directly tied to some fiat currency? Unless everyone uses crypto then at some point it gets exchanged for dollars at which point the low value of the dollar in a place like Venezuela is realized and you're stuck in the same situation but with more hassle.
  - Nursie 5y ago
    That's nice, but you appear to be bringing up theoretical conditions as a counter to actual observed behaviour. Crypto might well potentially shine under such circumstances, or under your view of what such circumstances might be, but the truth on the ground is apparently different.
    - didericis 5y ago
      Cited this article in another response: https://www.coindesk.com/bitcoin-adoption-venezuela-research https://www.coindesk.com/bitcoin-adoption-venezuela-research bitcoin adoption in Venezuela is more than theoretical and is being used to send money into the country.
- ac29 5y ago
  I was under the impression US cash apps like Zelle were far more popular than cryptocurrency: https://www.bloomberg.com/news/features/2020-11-11/zelle-has-turned-dollar-starved-venezuela-into-a-cashless-test-lab https://www.bloomberg.com/news/features/2020-11-11/zelle-has...
didericis 5y ago
Volume for p2p bitcoin exchanges in July 2019 was 20million a month: https://www.coindesk.com/bitcoin-adoption-venezuela-research https://www.coindesk.com/bitcoin-adoption-venezuela-research

Usually this is where someone from Venezuela comes along and tells us that this is a tiny minority, and most people want US Dollars because they can actually use those.

aga98mtl 5y ago
The government controls the traditional US Dollars remittance systems. They can force absurdly bad exchange rates. Crypto shines where the government is messing with banking and currencies.
- FranchuFranchu 5y ago
  I'm from Argentina, people who want to trade US dollars usually do it on illegal unofficial markets with better rates. I think it's likely that it's the same in Venezuela.
- bhandziuk 5y ago
  > Crypto shines where the government is messing with banking and currencies but isn't any cryptocurrency still directly tied to some fiat currency? Unless everyone uses crypto then at some point it gets exchanged for dollars at which point the low value of the dollar in a place like Venezuela is realized and you're stuck in the same situation but with more hassle.
- Nursie 5y ago
  That's nice, but you appear to be bringing up theoretical conditions as a counter to actual observed behaviour. Crypto might well potentially shine under such circumstances, or under your view of what such circumstances might be, but the truth on the ground is apparently different.
  - didericis 5y ago
    Cited this article in another response: https://www.coindesk.com/bitcoin-adoption-venezuela-research https://www.coindesk.com/bitcoin-adoption-venezuela-research bitcoin adoption in Venezuela is more than theoretical and is being used to send money into the country.
ac29 5y ago
I was under the impression US cash apps like Zelle were far more popular than cryptocurrency: https://www.bloomberg.com/news/features/2020-11-11/zelle-has-turned-dollar-starved-venezuela-into-a-cashless-test-lab https://www.bloomberg.com/news/features/2020-11-11/zelle-has...

didericis 5y ago

Volume for p2p bitcoin exchanges in July 2019 was 20million a month: https://www.coindesk.com/bitcoin-adoption-venezuela-research https://www.coindesk.com/bitcoin-adoption-venezuela-research