The narrative that Venezuela is a leading country in crypto adoption has been put to question by one prominent analyst. With most countries looking into crypto, they are seeking financial freedom and censorship-resistant money, but with Venezuelans, they are majorly pushed by poverty.
Among the hailed coins to be adopted in the country include Dash, Bitcoin, and the state-owned Petro. But are they really? According to analyst Peter McCormack, citizens convert them to dollars ASAP.
Venezuela Use Case Is A Myth
Venezuela is a third world country. A third world country that is in deeper trouble with economic degradation and US sanctions breathing down at citizens. A number of projects like Dash and Bitcoin believed this set the country up for crypto adoption. They distributed the coins, pushing for adoption. But was it the right kind of adoption?
McCormack believes that poverty in the country means citizens are only looking for food and shelter. They will take (adopt) any free coins given to them. Be it, the national Petro or any of the coins distribute through airdrops or giveaways. But, with the sole purpose of converting them to dollars as soon as possible.
Venezuela is not the “crypto” use case you have been told:
– Nobody gives a shit about censorship resistant money
– People want to eat, they want dollars
– BTC SoV for a select few
– MoE is a myth pushed with incentives (Dash, BShit)
Ignore shitcoin propaganda in Venezuela
— Peter McCormack (@PeterMcCormack) February 13,