Venezuelans don’t want the Petro cryptocurrency and are pursuing any means to get rid of the crypto. As revealed by recent social media reports, they are listing the crypto on peer-to-peer platforms for half its original price. They are also flocking to stores that accept the crypto as they seek to dispose of it as quickly as they can.
The Venezuelan government has been adamant in its support for the embattled crypto. Led by the President Nicolas Maduro, the government has forced people to use the Petro in the past, including air carriers in its latest push. In December, it conducted an airdrop where it reportedly awarded Petro to six million people, mostly public workers and pensioners, with each getting 0.5 Petro. The government set the price of the crypto at $60.
As it turns out, Venezuelans at first had no idea what to do with the crypto, Reddit user WorkingLime revealed. Therefore, when they learned that there were some stores which were accepting payments in Petro, they flocked them immediately. The exercise affected the USD/bolivar exchange rate negatively, leading the government to shut it down.
The government clampdown has now led the citizens to peer-to-peer platforms where they are now selling the Petro for other cryptos and fiat. Despite the government setting the price at $60, most citizens are now selling it at $30. In the first two weeks of this year, there were several listings on LocalBitcoins for Petro, but they have since declined.
One of the sellers recently opened up about what a struggle it’s been finding a buyer for the Petro, a crypto that the people continue to resist despite the government’s many efforts to force it down their throats. Speaking to Cointelegraph, Ernesto Pinto revealed that the sellers are struggling due to the market excess caused by the massive airdrop.
“The majority want to sell it because of an airdrop, where 8 million people want Bolivars because the Bolivar makes it easier to purchase things,” he stated.
President Maduro is determined to have the people use Petro at whatever cost. His cause and reasons are noble, but the Petro just isn’t cutting it. Venezuelans love crypto, as has been seen with the ever-rising adoption in the South American country. Cryptos allow them to hedge their money in an economy where inflation gets worse every day.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.