Research: Bitcoin is not used as a value store in Venezuela, but is used as a bridge currency

According to CoinGape, data scientist and researcher Matt Alhborg's research on a Venezuelan power outage reveals how Venezuela dominates the crypto space in South America. Research also shows that Bitcoin is mainly used as a "bridge currency" between the US dollar and the local currency. The power outage occurred on March 7, and economic activity across Venezuela stopped for several days because of the power outage. In this incident, Alhborg found that Venezuela's bitcoin and crypto transactions have fallen sharply.