Cryptocurrencies are increasingly becoming a cornerstone for Venezuelans as they search for stability amid a collapsing national currency and mounting government restrictions. From neighborhood shops to large retailers, many businesses now accept digital assets through platforms like Binance and Airtm. Stablecoins such as USDt are even being used to pay employees, while universities have started offering courses on blockchain and crypto finance. “I can use it almost anywhere now,” said shopper Victor Sousa, after purchasing phone accessories with USDt. “The plan is to one day have my savings in crypto.” Crypto Adoption Surges Among Venezuelans According to the Chainalysis 2024 Global Crypto Adoption Index, Venezuela ranked 13th worldwide, with usage rising 110% over the past year. The surge coincides with the sharp decline of the bolívar, which has lost more than 70% of its value since the government stopped supporting it in October. Inflation soared to 229% in May, according to the Venezuelan Finance Observatory. “Venezuelans started using cryptocurrencies out of necessity,” said economist Aarón Olmos, noting that people face shrinking wages, inflationary pressure, foreign currency shortages, and limited access to traditional banking. Still, challenges persist. US sanctions on Venezuela’s financial sector have led Binance and other platforms to restrict services tied to sanctioned banks and individuals. Internet connectivity issues also make consistent use difficult. Yet, experts say the system remains resilient, even as the government’s policy has been inconsistent. Venezuela’s own attempt at launching a state-backed digital currency, the petro , collapsed last year. Meanwhile, its main crypto regulator was dismantled in 2023 following corruption scandals linked to oil transactions. Remittances and Rising Tensions Cryptocurrencies are also becoming a vital tool for remittances. In 2023, nearly 9% of the $5.4 billion sent home by Venezuelans abroad—about $461 million—arrived via digital assets. Families prefer crypto over services like Western Union, which suffer from high fees and delays. At the same time, geopolitical tensions are escalating. Venezuela’s defense minister announced new naval and drone patrols in the Caribbean after Washington deployed an amphibious warship squadron, later reinforced with a missile cruiser and a nuclear-powered submarine. The Trump administration has also intensified its pursuit of President Nicolás Maduro, doubling the reward for his capture to $50 million, and offering $25 million for Interior Minister Diosdado Cabello. For ordinary Venezuelans, however, the fight for economic survival remains closer to home—where digital assets are becoming a lifeline against the collapse of their national currency. The post Venezuelans Turn to Cryptocurrency as Bolivar Collapses appeared first on TheCoinrise.com .