Despite being seen as a potential model for national cryptocurrency adoption due to hyperinflation and authoritarianism, Venezuela only ranks fifth in total crypto value received in Latin America and doesn't make it to the top 20 worldwide, according to a report by Chainalysis. Venezuelans are more interested in the global reserve currency and have been moving towards a de-facto dollarized economy internally, says Javier Bastardo, organizer of Satoshi in Venezuela.

While crypto can help citizens resist the Maduro regime, its usage is minor and people are primarily seeking easy access to dollars. Latin Americans prefer centralized cryptocurrency exchanges due to their simplicity and unregulated tax framework, except for Mexico, which has a booming tech scene and many different platforms.