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Bitcoin

Bitcoin As National Reserve: Venezuela Opposition Leader Takes Cue From Trump’s Strategy

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant statement on Thursday, Venezuelan opposition leader María Corina Machado announced her plans to use Bitcoin (BTC) as a national reserve asset, similar to former US President Donald Trump’s recent endorsement of a national BTC stockpile. 

BTC’s Role In Alleviating Venezuela’s Economic Crisis

In a recent interview with Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, Machado explored Bitcoin’s potential role in mitigating Venezuela’s economic collapse. 

Machado highlighted the effects of financial mismanagement under former President Hugo Chávez and current President Nicolás Maduro, which she described as a tragedy that has decimated the Venezuelan Bolívar. 

Related Reading: Pro-XRP Lawyer Raises Odds To 60% For SEC Appeal Vs Ripple

The Venezuelan leader highlighted the national currency crisis, once stable at around 3 to 4 units per US dollar, stating that it has suffered a huge devaluation, losing 14 zeros in the last two presidencies.

Machado further provided concerning statistics, noting that inflation has reached an “unimaginable” 1,700,000%, with prices for basic goods doubling almost every two days. Since 2016, inflation has reportedly surpassed 8,000,000%, prompting millions of Venezuelans to flee the country in search of stability. 

Machado characterized this situation as financial repression fueled by unchecked money printing, despite Venezuela’s vast natural oil reserves, which are among the largest in the world.

Bitcoin As Key To Building A New Democratic Nation?

During the interview, Machado also emphasized that many Venezuelans have turned to Bitcoin “as a lifeline” during this period of hyperinflation, using the cryptocurrency to safeguard their wealth. 

The leader described BTC as a humanitarian tool and a vital means of resistance against the economic crisis. In her vision for a “new democratic Venezuela,” Machado sees Bitcoin as an integral part of rebuilding the nation’s wealth and helping its most impoverished citizens while ensuring property rights.

Moreover, Machado asserted that Bitcoin donations are immune to seizure in the country, positioning this cryptocurrency as a crucial element in her campaign for a peaceful transition in Venezuela. She advocates for leveraging Bitcoin’s technology to foster the change the country desperately needs.

Related Reading: Is Bitcoin Transitioning To A Bear Market? This Metric May Suggest So

While Machado’s proposal for Bitcoin as a national reserve is not explicitly modeled after Trump’s recent statements, there are notable similarities. Trump has argued that establishing a national Bitcoin stockpile could serve as a strategic reserve asset, essential for addressing the US national debt, which has reached $35 trillion.

Bitcoin
The daily chart shows that BTC’s price is trending downward. Source: BTCUSDT on TradingView.com

At the time of writing, the largest cryptocurrency on the market, BTC, trades at $56,590. 

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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