The world’s leading crypto’s widespread adoption has accelerated in recent weeks, with giants like Tesla, PayPal, and Visa taking measures to adopt it as a payment method. It appears like the trend has reached Latin America, where Venezuela’s top aviation academy, Caracas Air, is now accepting Bitcoin as a Payment. Additionally, the company will provide discounts to consumers paying in Bitcoin. Venezuela’s well-known aviation academy Caracas Air is now accepting Bitcoin payments, as declared by CEO Oliver Laufer on Twitter.
Oliver Laufer tweeted, “From today, we accept Bitcoin, and we will give discounts and financing plans to all who choose this new payment method.” Laufer also detailed that the company will run on a rate of the day after a user asked what basis the customer will have to pay charges of Bitcoin or USD. The company becomes the most advanced in Venezuela to adopt cryptocurrency. The move arrives as increasing inflation and a lack of trust in the country’s local currency; the Venezuelan bolívar grasp the nation.
Hyperinflation in Venezuela Compels Citizens to look for Alternative Payment Methods
Moreover, Laufer, along with his brother, established Caracas Air in 2015. The brothers sold everything in 2009 and purchased a Cessna 172 Skyhawk plane. They commenced a flight school with those funds that have now grown to 900 students, making it one of the quickest-growing aviation academies in the continent. The decision to accept Bitcoin as a currency is not likely to be the last one in Venezuela. Venezuela’s striving economy, increasing inflation, and governmental authorities are the significant reason for Bitcoin’s growing popularity. Furthermore, hyperinflation in Venezuela lets citizens consider alternative payment methods and stores of value.
Venezuela has been highly active in Bitcoin trading as locals move away from the depreciating bolivar. P2P (peer-to-peer) Bitcoin trading has witnessed a steady development in the country, with volume continually increasing. Bitcoin trading volume proceeds to pick up in Venezuela as it fails to retrieve from its economic distress. Venezuela’s significant preference coins are Bitcoin, Ether, and EOS. Besides Bitcoin, other cryptocurrencies such as Dash are also advancing in the dysfunctional socialist country.
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