Despite the global economic recession caused by the Covid-19 pandemic, the cryptocurrency markets have soared significantly in value in 2020. The New Year is expected to be even more favourable for the growth of the industry, opening vast investment opportunities.
Venezuela is amidst one of the toughest economic recessions in the country’s history. To reinforce their standing, its citizens turn to Bitcoin. The flagship cryptocurrency tends to be more stable than the Bolivar, or the Petro, an oil-backed crypto issued by the Venezuelan government.
Most people prefer to use cryptocurrency for storing value and profit rather than for making payments and transactions. However, the adoption of crypto cards puts digital currency closer to conventional money.
Many governments as well as citizens remain cautious about cryptocurrencies as they lack awareness and understanding of their nature. However, history proves that digital currencies are just another form of money like shells or silver coins with the only difference that it cannot be touched for the first time ever.