Venezuela could become ground zero in the push for widespread adoption of cryptocurrency. There are now over a thousand merchants accepting crypto payments in the South American country, according to the team behind the digital asset Dash.
While the number accounts for fewer than 1% of all retail stores in Venezuela, crypto insider Ernesto Contreras expects crypto usage at retail locations in the country to soar to 10% by the end of 2020 and estimates that $25 million worth of crypto will be involved in retail transactions every year.
Cryptocurrency can now be paid at Burger King in Venezuela
In addition to Bitcoin, payments are accepted in Ethereum, Litecoin, Binance Coin, Dash and Tether stablecoin. pic.twitter.com/pntmIIkyC4
— Cryptoman33 (@Cryptomana33) January 5, 2020
The analyst’s projections are based on the following factors:
- Large retailers in the country are poised to include crypto as a payment option
- The government pays wages using the cryptocurrency Petro (PTR), which encourages people to learn more about crypto
- Venezuelans are seeing the cost-saving and convenience benefits of cryptocurrencies
Venezuelans are also trading increasing amounts of Bitcoin.
Bitcoin trading volume on the peer-to-peer platform LocalBitcoins in Venezuela just printed a fresh all-time high. According to data tracker Coin.dance, BTC volume climbed by over 38% from 263.3 billion Venezuelan bolivar to 363.4 billion for the week ending January 11th.
Says Eduardo Gómez, head of support at Purse.io,
“The Venezuelan-Colombian border is the melting pot where Bitcoin is being used for what it is, an unstoppable, permission-less store of value. Lots of exciting things are happening there.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Magic Wand