The Great Petro Airdrop: What Happened?
In December, the Venezuelan government made waves by airdropping its state-launched cryptocurrency, Petro (PTR), to about 6 million citizens. While the government touted a fixed value of $60 for each Petro, reality has a funny way of throwing a curveball. Reports suggest that the best price on the market is sitting at about half that value on LocalBitcoins, leaving many Venezuelans scratching their heads.
Economic Struggles and Crypto Sales
Desperation often breeds creativity, and Venezuelans are no exception. With a crumbling economy pushing them toward crypto, they’ve turned to LocalBitcoins to unload their airdropped Petros. Reddit threads buzzing with discussions highlight this economic phenomenon, illustrating just how far some folks will go to secure basic supplies.
The Shrinking Petro Storefronts
The government initially rolled out a shiny new biometric app that allowed Petro holders to buy goods. However, in a twist reminiscent of a bad sitcom, the app was shut down almost as soon as it launched. Apparently, too many locals had the audacity to flock to stores ready to accept the currency—who would have thought? The few government exchanges that supported Petro soon dampened any hopes of a thriving Petro market when their rates veered wildly off the “official” price.
LocalBitcoins: The Last Resort
With other avenues collapsing, LocalBitcoins emerged as the primary battleground for Petro sales. Sellers can find listings that accept Petro in exchange for Bitcoin or other currencies, but many of these offers have ceased to be. As of January 20, a chilling illegibility cloaked these listings, referencing a marketplace that teetered on the edge of inactivity.
Seller Stories: A Glimpse into LocalBitcoins
Cointelegraph managed to get a word in with Ernesto Pinto, one of the LocalBitcoins sellers. Pinto mentioned that he purchases Petros for Bitcoin, linking his prices to a local exchange called Amberescoin, which valued one Petro at roughly $30 (or 0.0036 BTC). But even Pinto feels the strain. The overwhelming supply from the airdrop has overshadowed demand, turning a potentially profitable venture into a fragile balancing act.
“The majority want to sell it because of an airdrop, where 8 million people want Bolivars because the Bolivar makes it easier to purchase things.”
To make matters more interesting, a Telegram group has sprouted where Venezuelans exchange tips about hustling Petros, providing a community-driven approach to trading a currency that seems to be caught between a rock and a hard place. One user even reached out: “Anyone who sells food, rice, flour, sugar, etc., and accepts Petros in Maracaibo?” The hunt for traders accepting Petro seems like a classic treasure hunt, only with a lot less gold and a lot more uncertainty!
