The value of the crypto dollar in Venezuela, specifically Tether (USDT), has surpassed 100 bolívares. In just one week, the USDT quote skyrocketed by 13%, reaching 100.5 bolívares, highlighting the growing dependence on cryptocurrencies in a context of inflation and exchange rate distortions.
The current situation in Venezuela is alarming: the exchange gap between the official exchange rate, set by the Central Bank of Venezuela (BCV), and the parallel market has exceeded 30%, a level that further complicates the economic situation. Despite the BCV maintaining an exchange rate of 68.7 bolívares per dollar, the parallel dollar, which is the most used in informal transactions, is traded around 110 bolívares.
Economists argue that this phenomenon has deep roots, especially the fiscal deficit that the country carries. The government of Nicolás Maduro finances its expenses through the issuance of bolívares, which generates additional pressure on the exchange rate. Furthermore, the decline in currency liquidation by the state to the private sectors has worsened this disparity, reducing the supply of dollars in the market.
The impact of inflation and informal dollarization
The surge in inflation in Venezuela has been notable, rising from 12% annually in 2024 to 17% in the early months of 2025. This escalation reflects not only the depreciation of the bolívar but also the process of informal dollarization that has consolidated in response to the crisis. According to data from economist Asdrúbal Oliveros, this inflation is eroding the purchasing power of Venezuelans and affecting consumption in the country.
Dollarization, while a relief for some sectors, has created a dependence on the parallel dollar and, more recently, on cryptocurrencies like USDT. The preference for these digital currencies reflects a widespread distrust in the bolívar and the government's inability to maintain the supply of foreign currency in the market.
