In the context of the Venezuelan economy, marked by persistent hyperinflation and the constant devaluation of its currency, the bolívar, the use of cryptocurrencies, particularly USDT, has become a common tool to safeguard value and conduct transactions. However, Binance's P2P platform, a space where users exchange crypto assets directly, has become a breeding ground for speculation on the price of USDT in bolívares, a phenomenon that, while benefiting a few, generates harmful consequences for the economy of the entire nation.
The Mechanism of Speculation:
The quotation of USDT in the P2P market of Binance is not based on an official rate, but on the supply and demand of users. This dynamic, in a country where trust in the national currency is almost non-existent, allows so-called "traders" or "speculators" to manipulate the price in their favor. These actors buy USDT at a low price and sell it at a significantly higher price, creating a gap that translates into substantial profits for them.
This speculation process is aggravated by several reasons:
* Volume of transactions: The large number of operations that take place daily on the platform allows speculators to move large amounts of bolívares, directly influencing the price of USDT.
* Lack of regulation: The absence of a regulatory body to supervise and control these transactions facilitates the manipulation of prices.
* Asymmetry of information: Speculators, who often have more information and experience, take advantage of the lack of knowledge of ordinary users to obtain greater profits.
The Hidden Cost for the Venezuelan Economy:
While a few benefit from this speculation, the Venezuelan economy as a whole pays a high price:
* Increase in inflation: The manipulation of the price of USDT on Binance has a direct effect on the prices of goods and services in the country. Many merchants and businesses, unable to trust the bolívar, set their prices in dollars, and the USDT quotation on Binance becomes an unofficial reference. When this quotation artificially rises, the prices of products also increase, generating an inflationary spiral that affects all citizens.
* Devaluation of the bolívar: Speculation with USDT contributes to the devaluation of the bolívar by creating a perception that the price of the dollar is much higher than it actually is. This fosters a rejection of the national currency and increases the demand for foreign currency, which in turn pressures the exchange rate and further devalues the bolívar.
* Impact on the working class: Those who suffer the most from this speculation are the workers who receive their salaries in bolívares. The constant increase in the prices of basic goods causes their income to lose purchasing power rapidly, impoverishing them more and more.
* Deterioration of trust in the economic system: The manipulation of the USDT market contributes to widespread distrust in the country's economic system, making investment, saving, and long-term development difficult.
Conclusion:
The speculation of the price of USDT on Binance is a complex problem that requires urgent attention. While it is true that cryptocurrency has provided an alternative for many Venezuelans to protect their assets, the manipulation of its price in the P2P market has created a hidden cost for the economy of the country, benefiting a few at the expense of the well-being of the majority. It is essential that authorities, together with the user community, seek mechanisms to regulate this market, promote transparency, and educate citizens about the risks of speculation. Otherwise, the spiral of inflation and devaluation will continue to erode the quality of life of Venezuelans, while a few profit at the cost of the suffering of an entire country.
