28% of those surveyed stated that they had made payments with digital assets. Petro operations (PTR) also got included in the investigation.

The adoption of Bitcoin (BTC) in Venezuela is one of the most advanced in Latin America worldwide. Regardless of the reasons that have led to this situation, the country shows a closer relationship with the first digital asset and other cryptocurrencies.

Now, a study explained that almost 60% of Venezuelans already know about Bitcoin. The research also unveiled that 63% of respondents have basic to advanced knowledge of BTC.

In simpler words, almost two out of three people would already know how the network works. The rest stated that, although they know about the existence of Bitcoin, they know just a little or do not understand it very much.

The survey had the participation of at least 6,305 people and happened between Monday, September 13 and Thursday, September 16 of this year, according to a report by the Venezuelan newspaper Últimas Noticias.

Petro Also Appeared in the Survey

In the survey, released this Friday, September 17, the state cryptocurrency project Petro (PTR) also got included; of which 88% of those citizens interviewed know of its existence.

After petro and bitcoin, Venezuelans would also have some knowledge about ether (41.5%), the native cryptocurrency of the Ethereum network, Bitcoin Cash (34.6%), Litecoin (24.2%), and Dash with 22, 6%.

Other digital assets that took place in the survey were: Binance Coin (19.6%), Dogecoin (17.5%), Binance USD (16%), Tether (11.9%), Monero (9.4%), and ZCash (7.4%), XRP (6.6%)

The study also highlighted the type of use that Bitcoin has in the country. Although there is enough information about the subject, the knowledge is rather general, while the proper awareness of BTC keeps being at the niche level.

Venezuelans use bitcoin as a cryptocurrency to save (36%) and to protect their finances against high hyperinflation levels registered by the Latin American nation.

Another 28% of frequent users of the crypto-active use it to pay for goods and services. 7% apply BTC for cryptocurrency trading, while another 28% do so with all the mentioned options.

Another fact that attracts attention is the platforms that the interviewees use to handle their cryptocurrencies. The platform that leads in Venezuela is the Patria service.

Patria service is a system that focuses on the allocation of subsidies and the management of PTR. Binance, AirTM, and LocalBitcoins had gained increasing popularity too.

Bitcoin Adoption in Venezuela

Since 2015, the adoption of bitcoin in the country has experienced Growth. A report in August ranked Venezuela as the seventh nation with the highest adoption of bitcoin on a global scale, according to the blockchain intelligence agency, Chainalysis.

Operations with bitcoin and other cryptocurrencies keep generating a boom to the point that real estate brokers already brought support for the sale of homes with BTC.

In addition, in the recent state announcement to allow casino operations in various cities again, some of these establishments have already revealed that they will receive bitcoin and other cryptocurrencies as a means of payment.

By: Jenson Nuñez


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