Many people outside of Venezuela still don’t take the Petro cryptocurrency all that seriously. Even local residents are getting annoyed, according to one Reddit user.
There have always been many questions regarding Venezuela’s Petro cryptocurrency.
The Imminent Collapse of Venezuela’s Petro?
Initially, it was said to be valued at $60.
Moreover, it should be backed up by the country’s own oil reserves.
To this day, it remains to be seen if any of those aspects will ever come true.
One Venezuelan Reddit user now claims how one Petro is trading at a price of under $8.
This is evident by looking at the PTR/VES trading pair.
Converting that VES to USD shows one Petro is currently valued at $7.3.
Given Venezuela’s collapsing currency, that may drop below $7 fairly quickly.
There is still a genuine lack of use cases for the Petro cryptocurrency as well.
Despite being listed on exchanges, the real world value remains to be determined.
Currently, the free market shows that this currency has next to no value whatsoever.
Some merchants in the country accept this currency, although others learn toward Bitcoin and Ethereum first and foremost.
It remains to be seen how this situation will evolve exactly, but for now, the Petro looks in very rough shape.