• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Venezuela Pro-Bitcoin Opposition May Use Maduro’s Sanctioned Funds To Oust Him

Esther Kim by Esther Kim
3 years ago
in News, Bitcoin, News teaser
0

Bitcoin adoption crucible Venezuela could end up using its own sanctioned funds to topple the government if plans go ahead for an “army” of foreign mercenaries.


Sources: Plans For ‘5000 Mercenaries’

As Reuters reported on April 30, Erik Prince, founder of the notorious private security contractor Blackwater, allegedly wants to use fiat currency locked up by foreign governments to finance an ongoing backlash against Nicolas Maduro’s regime.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Venezuela’s precarious political situation hit the headlines again Tuesday after opposition leader Juan Guaido suggested a military coup d’etat was underway against Maduro.

Venezuela

Guaido, a known Bitcoin advocate, is already recognized as the Venezuelan head of state by various western countries, including the US.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Having supported president Donald Trump, Prince likewise plans to call on support from the pro-Guaido group, according to details of a plan leaked to Reuters.

Specifically, he envisages an army of 5000 mercenaries – “Peruvians, Ecuadoreans, Colombians, Spanish speakers” – helping the opposition to overthrow the incumbent regime.

They would get financing from the offshore assets that foreign governments have quarantined due to Maduro’s behavior in recent years, two unnamed sources said.

According to them, Prince in addition “is seeking $40 million from private investors,” those including wealthy Trump supporters and Venezuelan expatriates.

“He does have a solution for Venezuela, just as he has a solution for many other places,” Lital Leshem, director of investor relations at Prince’s private equity firm, Frontier Resource Group, told Reuters, appearing to confirm plans were afoot for the region.

Venezuelans Vote With Their (Bitcoin) Wallets

As Bitcoinist reported, Venezuela’s persisting economic crisis has compounded desperation among ordinary citizens. The country’s fiat currency, a rebranded ‘Sovereign Bolivar’ (VES) Maduro introduced last year, suffers from inflation that is suggested to reach 8 million percent in 2019.

Predictably, Venezuelans have turned to Bitcoin en masse to circumvent capital controls and exposure to capital erosion, transacting more and more bolivars through decentralized platforms each week.

For the seven days ending April 27, that number hit almost 36 billion VES, a sign of the extent of inflation as volumes, in fact, dropped lower in Bitcoin terms.

Maduro has attempted to divert attention away from uncontrollable decentralized cryptocurrencies, instead of appealing to foreign investors to buy state-issued Petro, a crypto token facing sanctions of its own.

The government had already taken a hardline stance regarding citizens’ obligations to shore up Petro, enforcing Petro-only payments for some government services such as new passports.

Even before its issuance, critics claimed the new currency had nothing but bad debts backing it, which themselves were many times the size of its market cap.

Why do Venezuelan’s prefer Bitcoin? Share your thoughts below!


Images via Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Esther Kim

Esther Kim

Related Posts

El salvador

44 Countries Set To Meet El Salvador To Discuss Bitcoin, Here’s What We Know

2 hours ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

11 hours ago
Goldman

Goldman Sachs And Barclays’ Investment In Elwood Tech A Major Triumph For Crypto Adoption

12 hours ago
Avatars

Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks

14 hours ago
Crypto & Gaming: A Look At NRG’s Insights Report

Crypto & Gaming: A Look At NRG’s Insights Report

23 hours ago
Riot Blockchain

Riot Blockchain’s Texas Expansion Could Use Power To Light 200,000 Homes

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.