The Venezuelan cryptocurrency Petro hit a record high on Tuesday, February 15, reaching a price of $57 in the principal currency exchange agencies in Venezuela.
With this new record, Petro has thus become a good protective measure to ward off inflation and protect the national currency, bolívar, and may have a positive impact on the economy of ordinary Venezuelans.
Feliz martes, iniciando la mañana con el Petro a 57. Definitivamente somos Venezuela Cripto
— Marbellis C Linares (@marbelinares) February 15, 2022
According to Tasa Patria Exchange, since September 2021 the Petro’s variation coefficient has not exceeded 1.5%, except in December when it reached a price of $56.
By January 2022, the price of Petro stabilized, with a recorded variation coefficient of 0.36%, thus having an effect opposite to that of Bitcoin, which in the same period experienced a variation coefficient of 13%.
Specialists have explained that the low variability in the Petro price in the last quarter is a direct consequence of its exchange market. Therefore, specialists have classified Petro as a safe cryptocurrency for investment, since it is not subject to financial speculation.
Unlike other cryptocurrencies such as Bitcoin, the value of Petro remains stable, and is even on the rise, because it is backed by Venezuela’s quantifiable natural resources and has legal and institutional support, being under the control of the government.
The Tasa Patria Exchange report indicates that Petro could become an exchange alternative in daily transactions and also a reserve crypto asset when it comes to inflation.
The Exchange considers that it is cheaper to carry out daily transactions in Petros than in currencies such as the US dollar, and this also indirectly preserves the value of the bolívar currency.
Between January and March 2021, the US dollar exchange rate for Petro rose 19.03%; between July and September it was 1.44%; in September to December it rose 7.78%; while in the April to July quarter it fell 0.02%.
Featured image: Venezuelan Cryptocurrency Petro. File photo.
(RedRadioVE) by Ana Perdigón
Translation: Orinoco Tribune