As Bolivia faces one of its toughest economic chapters in decades, more small businesses and everyday citizens are turning to cryptocurrencies like Bitcoin and Tether (USDT) to protect their money and keep businesses running.
In the bustling streets of Cochabamba, it’s becoming more common to see crypto ATMs, restaurants accepting Bitcoin payments, and even beauty salons offering discounts for crypto users. What used to be a fringe concept is quickly becoming a real-world solution.
Why Are Bolivians Embracing Crypto?
The country is currently grappling with severe financial problems—fuel shortages, long lines at gas stations, and a dramatic drop in U.S. dollar reserves. On the black market, Bolivia’s national currency, the boliviano, has lost nearly 50% of its value this year alone.
With traditional banks limiting access to dollars and inflation reaching record highs, more people are moving their money into digital assets. Stablecoins like USDT have become especially popular because they’re pegged to the U.S. dollar and provide some level of financial stability.
Crypto Adoption Is Growing Despite Past Ban
Although Bolivia had strict bans on cryptocurrency until last year, things are changing fast. The Bolivian Blockchain Chamber reports that crypto activity is now rising rapidly—comparable to other high-inflation countries like Argentina and Venezuela.
While official figures are limited, experts estimate that around $600,000 in USDT is being traded daily in Bolivia. Binance, the world’s largest crypto exchange, is currently the most-used platform in the country due to its low fees and peer-to-peer features.
Real Businesses, Real Payments
Local businesses are already adapting. At Bros Steakhouse in Cochabamba, customers can pay for meals using Binance accounts. The restaurant even has a Bitcoin ATM connected to Blink, a crypto wallet developed in El Salvador.
“If you go to the banks today, they don’t have dollars,” said Pablo Unzueta, the restaurant’s owner. “Paying with Bitcoin or saving in crypto is the most promising thing we can do right now.”
A New Chapter for Finance in Latin America?
Bolivia is now part of a growing trend across Latin America, where more countries are embracing crypto to solve real-world financial challenges. While economists warn that the crypto market here is still small and evolving, the early signs suggest that digital assets may offer a path forward—especially for small business owners and everyday citizens struggling to access traditional banking.
Whether this shift will lead to long-term economic stability remains to be seen, but one thing is clear: crypto is no longer just an investment trend in Bolivia—it’s becoming a lifeline.