In the past decade, Venezuela has become one of the countries in South America that relies heavily on remittances. A study by the Inter-American Dialogue shows that about 30 percent of Venezuelan households have started to receive remittances after the country faced a sharply rising migration crisis. According to blockchain analytics firm Chainalysis, the amount of money transferred through cryptocurrency last year may have reached 9 percent of all remittances, a record high. According to Venezuela's Inter-Agency Coordination Platform for Refugees and Migrants, more than 7.70 million migrants and refugees have fled Venezuela in the past decade. By comparison, 6 million have left Ukraine since 2022, and 5 million have fled Syria since 2011. According to the Inter-American Dialogue, Venezuelans received more than $5.40 billion in remittances last year, representing at least 6 percent of GDP. This is nearly 75 percent higher than the amount sent in 2021. More than $461 million in remittances in 2023 were sent through cryptocurrencies.