Venezuela has climbed to the 11th position in the global cryptocurrency adoption index. The surge in citizens’ interest in digital assets occurred amid increased pressure from U.S. President Donald Trump’s administration on local leader Nicolás Maduro.
The country rose from the 14th place it held a year earlier. Experts described this as a “significant leap for a small economy hit by hyperinflation.” Venezuela’s GDP per capita stands at $3,100, according to the IMF.
Head of Policy at TRM Labs, Ari Redbord, told DL News that the country has become a leader in cryptocurrency adoption despite the size of its official economy.
Political Context
The rise in these figures coincided with escalating tensions between Washington and Caracas. Trump accused Maduro of leading a drug cartel. In response, the Pentagon deployed a nuclear submarine, reconnaissance aircraft, and 15,000 troops to the Caribbean.
On December 10, U.S. forces detained the tanker Skipper, which, according to the White House, was involved in supporting Cuba. Washington signaled readiness for further ship seizures.
Redbord linked these events to blockchain activity. According to him, the U.S. is using all tools to block Venezuela’s oil and financial flows. Digital assets have become part of this confrontation scheme.
For ordinary citizens, digital assets have replaced the national currency. Due to the collapse of the banking system and the devaluation of the bolivar, people have turned to dollars and stablecoins.
Cryptocurrency is used for remittances, salary payments, savings, and everyday purchases.
Forecasts
Analysts at TRM Labs warned that access to the crypto market for Venezuelans might become more complicated. The U.S. administration plans to tighten industry regulation and bring liquidity back to American jurisdiction.
Redbord emphasized that this will not eliminate the use of cryptocurrencies within Venezuela but will narrow the channels for transferring funds abroad and circumventing sanctions.
In November, the head of the National Association of Supermarkets, Italo Atencio, confirmed that Venezuelans regularly use digital assets for purchases.
