Venezuela currently has an 18% cryptocurrency adoption rateabove the world average of 15%, noted a study from Finder.com.
countries like the India leads this list with and 29%Meanwhile in Germany only 6% of the population owns digital assets.
According to Finder Cryptocurrency Adoption reportpublished in August 2022, Venezuela It ranks 8th out of 26 countries that have adopted cryptocurrencies as a marketing method.
Finder estimates that 3.5 million Venezuelans own some cryptocurrencywhich represents the 10,5% of the 33.360.238 of inhabitants in the country, according to the National Institute of Statistics (INE).
To carry out the study, testimonies were taken from 217,947 people from 26 countries. In Venezuela Finder surveyed 6,034 citizens last April.
What cryptocurrencies are used in Venezuela?
According to Finder, 5% of respondents in Venezuela claims to have bitcoin (BTC), a 2% ethereum (ETH), 2% dogecoin (DOGE) and another 2% own cardano (ADA).
The study maintains that bitcoin is the most popular digital asset in Venezuela with 28%followed by ethereum 23% and then Dogecoin 9%.
Of the people who own cryptocurrencies in Venezuela, Finder indicates that 62% are men and 38% are women.
«Venezuela went through years of hyperinflation and economic contraction. Cryptocurrencies have likely been used as a store of value,” said Finder’s cryptocurrency specialist, James Edwards.
The expert pointed out that in other markets (international) there was a decline in cryptocurrency holdings.
“This phenomenon occurred due to the price drop occurred in May and June; nevertheless, Venezuela bucks this trend,” he said.
Risks of investing in cryptocurrencies
James Edwards alerted the cryptocurrency enthusiasts Investing in this market has its risks and not just anyone can do it.
“The area of cryptocurrencies is extremely volatile and You should never invest money that you cannot afford to lose.«, he limited.
stated that attention should be paid to the cost of trading in cryptocurrencies to ensure that profits are not affected by commissions that must be paid when buying and selling.
Finally, Edwards indicated that despite the price drop in the cryptocurrency market many people sold, others bought for long-term storage, and some first-time buyers at discounted prices.
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This article is merely informative and does not constitute a purchase or investment recommendation. We encourage readers to do their due diligence before investing in NFT games or cryptocurrencies as most are highly volatile.
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