Venezuelan cryptocurrency investors are some of the most loyal in the world. Even when their government was collapsing, Venezuelans were buying Bitcoin (BTC) and other cryptocurrencies at the highest rate in the world. “The Bolivar has lost 99.99% of its value against the dollar in the last 100 years,” said a cryptocurrency trader to the Venezuelan newspaper Prodavinci. “So why would I keep my savings in the local currency?” The Venezuelan government has tried to shut down the local cryptocurrency market with bans and regulations, but traders have always found a way. They are trading cryptocurrencies as an alternative to Bolivars and other fiat currencies.
Binance, the world’s largest cryptocurrency exchange by trading volume, has reached the Twitter trending topic status in Venezuela. The phenomenon, dubbed “Venezuelan Twitter trending topic” made the crypto exchange the most popular topic on Twitter in the country, followed by the Venezuelan president Nicolas Maduro and the president of the United States, Donald Trump. The news broke on Saturday after a Twitter user, @CryptoMedellin, posted a screenshot of Binance trending in Venezuelan Twitter. It was found that the majority of users that tweeted about the exchange were Venezuelan citizens, despite the fact that the exchange is based in Malta. The top five Binance-related tweets in Venezuela were all in support of the exchange, which
Binance, one of the world’s largest cryptocurrency exchanges, has reached trending status in Venezuela on the social network Twitter. The trend heading into the weekend shows how important cryptocurrencies are to residents right now. Cryptocurrencies are extremely useful tools for Venezuelans to maintain their purchasing power, and Binance is currently the most popular exchange in the country thanks to its robust peer-to-peer market. Interest in the company and its services in the country has peaked.
Binance is becoming a trendy topic in Venezuela
To the surprise of many, Binance was a Trending Topic in Venezuela on Friday, with over 200,000 tweets dedicated to various topics, including the use of the popular exchange and its services in the country. While most tweets praised the exchange and the many features it offers its customers to manage cryptocurrencies, some users were unsure how to use the system to improve their economic situation.
The fact that Binance has become a trendy topic in Venezuela is all the more important because Venezuelans face all kinds of problems and situations on a daily basis. The issue that the International Criminal Court is now conducting a preliminary investigation into possible crimes at multiple events in 2017 was also a trending topic on Friday behind Binance.
While it is true that Venezuela is one of the countries with a high penetration rate of cryptocurrencies, they remain a niche for a group of users who have been familiar with them for a long time. Binance therefore acts as a kind of bridge that can help new users get acquainted with what cryptocurrency is and what the possibilities are. But they clearly have work to do: Many tweets criticized Binance’s platform as too complex and incomprehensible for the average user.
Development of Binance in Venezuela
Binance has existed as a cryptocurrency exchange since 2017 and has allowed Venezuelans to trade on its platform without restrictions since its launch. At that time, Localbitcoins was the most popular peer-to-peer (P2P) exchange platform in the country and had the highest exchange volume in Latam. But Binance plans to shake up the market by launching its P2P trading platform with commission-free P2P transactions in April 2020.
Just one month after its launch, Mariangel Garcia, community manager of Binance Latam, said the platform already had a monthly volume of $200 million, surpassing Localbitcoins in the first month it was active, without a marketing campaign behind the service.
Localbitcoins has since completely succumbed to the P2P market, reducing its volume to a fraction of what it was in 2019, while Binance has gained mainstream recognition through marketing through various media outlets and Venezuelan influencers on its Twitter platform.
What do you think about Binance becoming a trendy topic in Venezuela? Tell us what you think in the comments section below.
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