Venezuelan cryptocurrency, Petro now selling on Localbitcoin at half the official price
Petro selling at half the official price
Rumours have been going around that Venezuelans are selling the their official cryptocurrency, Petro (PTR) cryptocurrency that was made available to them recently.
Despite the fact that the government claims to have fixed the value of one PTR at $60, the market price on LocalBitcoins is in reality only half of that.
Venezuelans are turning to LocalBitcoins to sell their airdropped Petro as a result of disastrous economic conditions.
According to the Reddit users, the government initially permitted the usage of Petro to buy products through a biometric app, but later stopped it because of the way people flooded to the few stores that supported it.
Some government exchanges are also said to support PTR as well, but the exchange rate dropped radically compared to the “official” price.
Venezuelans only alternative appears to be LocalBitcoins. Several listings can be found that accept Petro in exchange for Bitcoin or other currencies. However, all of them appear not to be active at the moment.
One of the sellers confirmed that he does buy Petro from Venezuelans in exchange for Bitcoin (BTC). He explained that the price was referenced from a local exchange, Amberescoin, which supported Petro. It amounted to 0.0036 BTC, which is approximately $30 for one Petro.
The sellers are however struggling due to the excessive selling pressure from the airdrop.
Pinto (one of the sellers)in explaining why:“The majority want to sell their Petro, said that it is because of an airdrop, where 8 million people want Bolivars because the Bolivar makes it easier to purchase things.”