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Analyst Debunks The Myth: Venezuelans Are Not Using Bitcoin Or Altcoins As A Medium Of Exchange

McCormack also pointed out that the lack of skills and access to the necessary technology is another reason why most prefer paper money over crypto. He further noted that the real volume in Venezuela comes from miners and trading. Venezuela is known for its mind-boggling rates of BTC transactions and mining. But again, these two activities are limited to the small percentage of wealthy citizens. Evidently, crypto has a long way to go before we can say it has been fully embraced by Venezuelans as a medium of exchange and is helping them circumvent an authoritarian government instead of just being used for speculation purposes. But, things could change in the future if the government continues imposing crippling capital controls. Time will tell....