Well, let me tell you that the economic situation in Venezuela is pretty complicated, as always. The bolívar keeps losing value and inflation is through the roof, which makes people look for other ways to manage their money. In this context, cryptocurrencies, especially the crypto dollar, have become increasingly popular.
What’s happening now is that the «crypto dollar,» like Tether (USDT), which is a cryptocurrency linked to the US dollar, has surpassed 80 bolívars per one. In other words, before, people used physical dollars (in bills) because they were more stable, but with the economic crisis, many people started using cryptocurrencies, which allow them to make transactions faster and without depending as much on banks.
The price of cryptocurrencies like Tether has risen a lot, which means, for example, that when exchanging for bolívars, people now get less money for the same value. If a crypto dollar used to cost less than 80 bolívars, now it has gone up and is above that value. This is because the bolívar keeps losing value constantly, and cryptocurrencies are seen as a way to protect against inflation.
At this point, many people prefer to save in cryptocurrencies or even use them to buy things. Cryptos have become so popular that even daily transactions, like buying food or paying for services, are being done with these digital currencies instead of using the bolívar. In fact, some online platforms, like Binance, allow people to exchange crypto dollars for bolívars, but with exchange rates much more favorable than those of the government or the parallel market, which allows people to make a little more.
The curious thing is that, with all of this, the Venezuelan government has also tried to control cryptocurrencies, but it hasn’t been easy. Despite the attempts at control, people continue to choose the crypto economy because it’s more reliable than the bolívar. This shows how cryptocurrencies have changed the economic landscape in Venezuela, helping people deal with hyperinflation and the lack of stability in the national currency.
So, in summary, the crypto dollar is surpassing 80 bolívars, and this reflects a pretty tough economic reality for Venezuelans, who have found in cryptocurrencies a way to protect their money from the devaluation of the bolívar.