Hyperinflation has positioned Venezuela as an ideal setting for the widespread adoption of cryptocurrencies. However, a new report from Chainalysis shows that the country ranks fifth in terms of total cryptocurrency value received in the Latin American region, and it is not even in the top 20 in the world.

The main reason is that Venezuelans are more interested in the global reserve currency, the US dollar.

Javier Bastardo, organizer of Satoshi in Venezuela, the country's largest grassroots Bitcoin group, and Bitfinex's Bitcoin ambassador in Latin America, told Decrypt that "people want access to dollars."

Kevin Hernández, founder of the Venezuelan media outlet Criptodemia, also said that Venezuelans "don't want cryptocurrencies per se," but rather are looking for access to dollars.

However, Bastardo and Hernández hinted that this is a "half-truth." They agreed that cryptocurrencies are an alternative to an economy controlled with an iron fist, but their use by the population is less.

Latin America is dominated by centralized exchanges.

In Latin America, more than 60% of people use centralized exchanges, compared to an average of 48% worldwide.

Cryptocurrency adoption in Venezuela is lower than might be expected, given the country's hyperinflation. The reality is that Venezuelans are more interested in the global reserve currency, the US dollar.