Crypto adoption: Dash takes Venezuela by storm
As hyperinflation grips the socialist paradise, Venezuelans turn to cryptocurrencies to quell their financial woes.
The national Venezuelan bolivar reached absurd levels of inflation to the tune of six-figures this year, with an expected one million percent inflation by the year’s end. As the erosion of government-issued fiat comes to fruition, Venezuelans increasingly turn to accessible cryptocurrencies like Dash.
According to the co-founder of Dash Help, Dash Merchant Venezuela and Dash Text, Alejandro Echeverría says that locals are choosing to use dash for their daily transactions because it’s a functioning payment solution that is easy to use. Figures from DiscoverDash, a dash merchant listing site, show that in less than a year there are 2,427 merchants listed as accepting dash, with that number continuing to grow.
Echeverría stated: “The dash movement is spreading and growing fast in Venezuela.” He continued: “First it was food trucks and small family businesses that started to adopt dash for payments, now we’re attracting more established businesses.”
As the Dash foundation set its initial focus on the Caracas, Echeverría says he wants Venezuelans to have access to a strong currency they can use as a means of payment and as a store of value. This is happening in a country where the International Monetary Fund (IMF) is predicting inflation to hit 1,000,000% this year. Being the functioning cryptocurrency payment solution that it is, Dash is demonstrating real-world value amidst an otherwise dying economy.
Utilizing a strategy titled “Strategy for Adoption,” the team is set to undertake the process in three stages – finding merchants, getting Dash into people’s hands and incentivising mass consumption.
The 2019 goal is to reach up to 10,000 merchants while also promoting Dash transactions.
To this end, the cryptocurrency has also branded its own Android partnership with Kripto Mobile, which come with pre-installed Dash wallets out of the box. Pushing the envelope even further, Dash has also launched its own support centre to grease the wheels for mass adoption.
“Just like banks have their support centres to help their clients, dash has its own,” said Echeverría. “It is the first support center of a crypto in the world and in my humble opinion is one of the killer features of dash, because no other crypto provides support to its users in this way.”
Dash Technical outlook
Towing the cryptocurrency line, Dash has devalued 90% since its December 2017 highs. However, when compared to the bolivar’s expected one million percent inflation by EOY, it’s a stellar success.
On the 4-hour chart, current support rests at $60.85 [Bitfinex], with resistance set by the 55-EMA at $76. Having established a higher low at $67, the crypto asset is now looking to continue its upward trajectory above $78 to confirm a bullish bias.
At the time of writing, the crypto market cap stands at $110.5 billion, with Bitcoin dominance at 55%, according to data from CoinMarketCap.