Inflation fears push Bolivian small businesses to embrace crypto

Bolivian small businesses are increasingly starting to accept crypto as payment amid the ongoing financial crisis.

Small businesses in Bolivia are increasingly embracing crypto as trust in the official currency deteriorates. According to a report by Reuters, restaurants, beauty salons, and a range of small businesses are beginning to accept crypto payments.

Amid this rising crypto adoption, transactions are up 530% in the first half of 2025 compared to the same period last year. According to Bolivia’s central bank, crypto transactions rose from $46.5 million to $294 million over the course of the year.

The surge in crypto usage comes as the country grapples with a major financial crisis. Bolivia’s currency has lost more than half its value on the black market, while the central bank has run out of dollar reserves.

Fuel shortages and historic inflation levels are making crypto assets appear stable in comparison. As a result, Bolivians are increasingly turning to Bitcoin (BTC) and stablecoins like Tether (USDT) to protect their savings and purchasing power.

According to Jose Gabriel Espinoza, former head of Bolivia’s central bank, daily USDT volumes in the country may be as high as $600,000. While this is still a small fraction of the $12–$14 million cash-based black market, reliance on crypto is rapidly growing.

Bolivia joins Turkey, Lebanon in ditching fiat for crypto

Bolivia is not the only country where fears of inflation fuelled Bitcoin adoption. For instance, Turkey and Lebanon saw their own wave of mass crypto adoption in 2023. Rampant inflation prompted Turkish citizens to seek stability in crypto, while in Lebanon

In Latin America, the pattern is familiar. In 2023, Argentina experienced an inflation rate of over 100%, prompting widespread use of crypto for everyday payments. That year, Argentinians received more than $85.4 billion in crypto, more than any other country in the region.