Citizens in countries like Venezuela say that Bitcoin is the only asset that does not always fall. In Argentina, some stablecoins monopolize attention, but they believe they will soon return to saving Bitcoin.
The price of Bitcoin (BTC) has dropped by 67% since it reached its all-time high in November 2021. Various bitcoiners from Argentina and Venezuela recently explained how that situation had affected the economy of their countries.
Although those surveyed have different visions, most agree that Bitcoin has helped people become strong hands in countries punished by government decisions. They reflect that they have learned to be sovereign individuals with the cryptocurrency beyond the price of Bitcoin.
The Value of Bitcoin Goes beyond the Price
Venezuelan graphic designer Maximiliano Ramírez describes himself as a strong-handed Bitcoin holder. In other words, he is faithful to the cryptocurrency and does not sell his funds at the first sign of trouble.
The bitcoiner says that he saves and uses Bitcoin, as he has learned it is the only existing intelligent financial system. He explains that it allows him to make and receive transactions quickly and cheaply regardless of borders.
Ramírez also points out that Bitcoin gives him a record of his movements in the blockchain, outside the reach of state manipulation. He highlights that the price is not the only thing or what matters most.
Other Venezuelans believe that Bitcoin is helpful to circumvent the sanctions imposed by the United States on Venezuela and other countries. They say that the decentralized cryptocurrency helps reduce the dominance of the North American nation over the world financial system.
Bitcoin is the only Asset that Does Not Always Fall
Some think Bitcoin marks a distance from Venezuelan, Turkish, Argentine, and Zimbabwean national fiat currencies, which have progressively devalued. However, contrary to the cryptocurrency, they will never go up by 500% in 6 months.
Over the last ten years, several national fiat currencies, like the Venezuelan bolivar, have suffered devaluation. The latter has practically disappeared, while the value of Bitcoin has risen above 511%.
That leads to understanding why many Venezuelans and Argentines still find Bitcoin valuable despite the price drop in recent months.
Dollarization is not a good option in Venezuela since inflation even impacts the prices in US dollars. Bitcoiner Emilio Torres considers Bitcoin better than the Venezuelan bolivar (VED) or other fiat currencies in his country.
The Situation with Bitcoin in Argentina and Venezuela
Although there are many strong-handed Bitcoin holders in Argentina and Venezuela, most citizens do not focus their attention on the cryptocurrency.
While the interest in Bitcoin among Argentines has declined over time, that of Venezuelans has increased recently. The trade of BTC in bolivars on peer-to-peer (P2P) platforms has also dropped progressively since last year.
Gabriel Vago, CEO of the exchange ArgenBTC, commented that a similar situation is happening in Argentina. He noted that Bitcoin trading has dropped as people buy stablecoins like Dai (DAI) and Tether (USDT) to escape the exchange control.
Vago also said that the collapse of Terra caused fear in the market and drove many Argentines away. However, the demand for stablecoins is still increasing, as citizens use them to save.
By Alexander Salazar
