Venezuela is a country that has been in the sights of the crypto community in Latin America lately due to the growing crypto adoption it has experienced in recent years.
The use of cryptocurrency has become a tool to protect the income of many Venezuelans vis-à-vis an official currency that suffers from a constant devaluation with an inflation rate that is among the highest in the world.
In addition to the controversial official cryptocurrency Petro, Venezuela has become an important market for other cryptos. Not only is it the second country with the highest trading volume of Bitcoins, it is also the primary market for DASH in all of Latin America.
Seeing the growing adoption and need to buy cryptocurrency, the Cryptobuyer team decided to bet on Venezuela, introducing the first Bitcoin ATM of the country.
Jorge Farías made the announcement in a radio interview with Aryeli Vera for Union Radio. Farías commented that Cryptobuyer’s team has practically everything ready to start the business, and they are already carrying out the final tests to guarantee the best experience to their clients:
“We are going to install the first cryptocurrency ATM in Venezuela, in the course of the next two weeks (…), we already have the equipment physically installed in Venezuela, in Caracas; They are in their final tests, and we will be announcing them in social networks”.
Cryptobuyer already has several of these ATMs operating in different parts of Panama. Its CEO commented that they were fixed in Venezuela not only because of the high level of trading, but also because many members of the community had requested this service.
According to the interview, for now only one ATM will be installed in the city of Caracas. According to public acceptance, profitability and the way the country’s regulatory bodies react, they will evaluate the possibility of increasing the number of ATMs or installing them in other major cities.
He also claimed to be long on Bitcoin, although he accepted that it is difficult to determine when the next bull run will take place. He recommended Venezuelan users that if they are not willing to assume the risks of an investment as high as the acquisition of mining equipment, trading or even hodling can be profitable because even with a Bitcoin down, the loss of value never exceeds the depreciation of the fiat currency.