The socialist economy of Venezuela continues to fail as the country’s fiat currency has been devalued to the point of worthlessness. Grocery store shelves are empty and people are surviving by hunting stray animals, mining Bitcoin using government subsidized electricity (which unsurprisingly, the oppressive government has clamped down on) and offering their skills on the free market to people and businesses in other countries, using service marketplaces like Fiverr. When governments fail, creative people will find new ways to survive, and now there’s a new kid on the block, offering a new option for people to participate in trade and commerce.
DASH has been very active in Venezuela. Last year, the DASH Caracas Group launched a series of monthly conferences, where ideas about a DASH-based micro-economy were shared. Each conference brings more attendees as interest grows, translating into acceptance of the coin at more businesses on an ongoing basis. According to DASH Caracas founder, Eugenia Alcalá Sucre, “The reaction has gone way over our expectations. People are very interested in learning about blockchain, cryptocurrencies and Dash. Also, they are very excited about having the opportunity of putting theory into practice through Dash City. Also, now we have enough experience to help other teams to create new proposals, and to take this event to other major cities in our country.”
To date, 2,210 people have attended these conferences, including 50 entrepreneurs. To date, an estimated 80 merchants in Venezuela now accept DASH payments and can be found among the nearly 700 merchants that accept DASH worldwide on DiscoverDash.com.
People and business owners have no choice but to adapt. US and other sanctions on Venezuela have had the consequence of economic hardship on the country’s residents, which only compound the negative aspects of the socialist economy. The solution that people are driven to is the only one that works: capitalism. They’re selling their goods and services in exchange for whatever medium of exchange has real value, when compared to the worthless currency. At present, that medium of exchange is in the form of digital currencies, including Bitcoin and DASH.
People in the US remain skeptical of cryptocurrencies, due to their volatility. Indeed, DASH has dropped from a high of over $1,500 to its current fiat value of $570. But when compared to the value of the Venezuelan Bolívar, which currently has a value of 0.000040 USD, the volatility of DASH is trivial, and with the positive outlook on the altcoin market, it’s possible that DASH will climb all the way back up to its previous all-time high, and beyond.
As far as adoption goes, DASH has been on a bull run, with nearly 20 integrations and partnerships in January of this year.
The recent market pullback does not appear to have had an adverse effect on the continued development and adoption of DASH, particularly in countries like Venezuela, where they may very well assist in turning the economy around for the better.