To escape the hyperinflation and economic sanctions of the United States, Venezuela sees substantial growth in the adoption of cryptocurrencies. In 2019, the country reached an additional $ 300 million in Bitcoin transactions on the LocalBitcoins platform. But not only Bitcoin stands out in the country.
From May to December 2019, the country experienced a 562% increase in the number of users with active Dash cryptocurrency wallets, according to Dash public relations representative Mark Mason. In his Twitter account, Mason presented data regarding the number of portfolios from May to December, and last month recorded an increase of 29%.
This is NOT total installs, 'active devices' shows how many devices that have been online at least once in the past 30 days. pic.twitter.com/06v6jtYPbN
– Mark Mason (@StayDashy) January 20, 2020
«From May to December, there was a 562% increase in active Android devices that use the #Dash wallet application in #Venezuela. The growth for December was 29%. It is NOT a total of installations, "active devices" shows how many devices have been online at least once in the last 30 days.
More than 1 million users at the end of 2020
If the growth rate remains constant during 2020, by the end of the year, the country will have more than 1 million active Dash users.
Although Venezuelan President Nicolás Maduro tries to force the adoption of his national oil-backed cryptocurrency, Petro, Venezuelans prefer to rely on non-governmental cryptocurrencies such as Bitcoin and Dash for more stable transactions.
Petro's distrust is not only among Venezuelans. Proof of this is that after Maduro ordered that the port tariffs for the export of Venezuelan oil be billed in the cryptocurrency, at least 1 million barrels of oil were suspended from the export. Buyers stopped importing the product for fear of a violation of the sanctions imposed by the United States, which already attacked Maduro's cryptocurrency, calling it "scam."