The Petro was the first cryptocurrency for a nation protected by its natural resources (oil). It was created as a primary alternative for the reactivation of the Venezuelan national economy. As a result, various types of investment have sprung up in this country, such as this software that can still be used to trade oil and cryptocurrency.
The value of this digital currency was adjusted to the cost of a barrel of oil.
In February 2018, the National Government promulgated the issuance of this digital currency, created to carry out commercial transactions at a national and international level, intending to eradicate the autonomy and power that the dollar has established
in the economy of this country.
Through the national system, a platform that the government implemented for its management within the country, Venezuelans can save in this cryptocurrency and thus encourage and develop popular purchasing power.
The Petro has been used in gasoline payments, businesses associated with this technology, processing documents such as passports, paying airline tickets, and paying tax taxes.
Unexpected and advantageous revaluation of the Petro
Currently, the Petro reached a value in the secondary markets of 58 dollars per unit, representing a new maximum record in revaluation, according to reports from the National Association of Cryptocurrencies (Asonacrip), through its social media
networks.
It is a sudden and unusual appearance, and to analyze and understand its cause, we must keep in mind that this digital currency does not have a single marketing value, similar to some other coins circulating in Venezuelan territory.
Although the institutions in charge of publicizing the current value of the Petro, which is between 48 and 60 dollars, there are parallel exchange houses with authority issued by the State, which focus on the purchase and sale of this crypto active, which work until with 60% below the official price
Petro Value Variants
The value of the Petro is affected by the economic activities carried out with the following mineral resources, oil, iron, gold, and diamond, since its value is anchored to these raw materials, which are calculated and established at international prices.
With the constant increase in the price per barrel of Venezuelan oil, the revaluation of the Petro will be achieved, in addition to other aspects that cannot be underestimated.
Crypto assets obtain value also based on the supply and demand of investors or users, mainly in secondary markets, in which financial assets are bought and sold, according to their needs.
According to these transactions, the real value of digital goods circulating in the market can be deducted and recorded.
The Petro in the secondary market constantly experiences a decrease of 30% to 45% of its original value, the current increase it has had is due to the new exchange policies adopted by the BCV, managing to stabilize the value of the dollar between 4 and 5, as
a means of payment for government entities.
Importance of the Petro to the Venezuelan Economy
Although it is very present in the daily life of the Venezuelans, the Petro is still a crypto asset with little credibility and prestige in society.
However, it has increased, and the perspective is different since the inequality between its prices can be observed officially and the secondary market, in which its value decreases due to the bad reputation professed by users.
Mainly when this happens, it is because there is not enough credibility in the real market at the time of exchange, that is, what this digital currency represents for someone in particular and how long it can take to transform it into another form or
means of payment in the National market.
It is reflected in the market value differential, which is the primary reference for the demand or not of this crypto active by the preference of others, even above currencies for the interest of Venezuelans.
Conclusion
The Petro is a cryptocurrency with little time on the market, which has not been favored in its price since the oil markets have experienced much instability and the growth and development of this digital currency depends on them.
Currently, there is a light that possibly gives rise to demand and credibility for this cryptocurrency since the values of the price per barrel of oil have begun to rise, although very little, which is very favorable and has achieved an increase in the value
of the Petro.
If possible, it can become a prestigious and recognized cryptocurrency since it is supported by a natural resource that is very important worldwide, from which essential benefits are obtained for global growth and development.