• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • 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
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • 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
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Trump Linked Firm Trims Stake in Major Crypto Venture, Big Sell-Off Ahead?
🚀 BUY NEO PEPE PROTOCOL 🚀
  • 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
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • 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
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Trump Linked Firm Trims Stake in Major Crypto Venture, Big Sell-Off Ahead?
In July, Bitcoinist reported on Venezuelan Nicolás Maduro's efforts to see the Petro become his avowed 'Great Hope.'

Venezuela Ties Own Currency to Sanctioned Petro as Maduro Talks of ‘Great Hope’

Wilma Woo
by Wilma Woo
6 years ago
·
Posted in News, Altcoin News, Altcoins, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Venezuela will remove five zeros from its ailing currency, the Bolivar, and peg it to its controversial Petro cryptocurrency, President Nicolas Maduro said in a public broadcast July 26.


Maduro: Bolivar Will ‘Anchor Petro’

The Bolivar, which had become so inflationary that online gaming tokens such as World of Warcraft gold were a more stable store of value, is currently worth just $0.0000083.

“The economic re-conversion will start on August 20 definitively with the circulation and issuance of the new Sovereign Bolivar,” Maduro confirmed.

While Venezuela’s explosive economic difficulties have already led citizens to resort to any alternative means of payment to secure essentials, officials have now revealed they plan on shoring up the reborn bolivar by tying it to the country’s state-sponsored and oil-backed cryptocurrency, the Petro.

Venezuela's state-issued cryptocurrency, the Petro

Shrouded in controversy since its creation earlier this year, Petro has already come in line for US sanctions, while Venezuela has attempted to lobby various exchanges abroad into allowing it to trade.

‘Great Hope’

For Maduro, however, the new Sovereign Bolivar will form “the new monetary cone that is going to have a new method of anchoring the Petro.”

“The productive, diversified and sustainable economic model must definitely be born,” he continued, saying the plans represent a “great hope” for the future of the country.

But Petro’s fortunes are already mixed. Aside from US sanctions, the cryptocurrency industry is also wary of interaction with the token, with one operator signaling as early as April that it would block trading.

Maduro Hopes to Draw a Winning Hand for Venezuelans.

“We’re implementing a blacklist scenario so basically we’re going to blacklist anything like the Venezuelan token,” AirSwap co-founder Michael Oved told Bloomberg.

Petro’s token sale began with a price of $60 per coin, based on Venezuela’s oil price. With 100 million tokens, Maduro claimed the sale would raise just shy of $6 billion.

What do you think about Venezuela’s plans for its currency? Let us know in the comments below!


Images courtesy of AdobeStock, Shutterstock, Wikimedia Commons

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.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Wilma Woo

Wilma Woo

Follow

Full Profile

Related Posts

Trump

Trump Hails GENIUS Act As The Key To US Digital Asset Supremacy

12 hours ago
Altcoin

Analyst Calls Start Of Altcoin Season Amid Deviation Of Cyclical Lows – Details

18 hours ago
Internet Computer

Internet Computer (ICP) Beats ETH, ADA To Claim Top Spot In Key Metric

2 days ago
Altcoin

Altcoin Market Set For Massive Surge In Coming Months – Is Altseason Finally Here?

2 days ago
Altcoin

Altcoin Chart Transitions From Bearish To Bullish, Is It Time For Alt Season?

3 days ago
Altcoin

Altcoins Set To Outperform Bitcoin In The Coming Months — Blockchain Firm Explains Why

5 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • From Tour Guide to Financial Freedom: The Inspiring Journey...

    3 hours ago
  • Binance and Coinbase Users Flock to RI Mining Free Cloud...

    3 hours ago
  • Ripple (XRP) Holders Turn to ALL4 Mining to Earn $37,777...

    3 hours ago
  • Cryptocurrency enthusiasts use XRP and DOGE to earn $35,777...

    4 hours ago
  • Israel-Iran War: Crypto Holders Flock to RichMiner Cloud...

    4 hours ago

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

Buy Neo Pepe

Bitcoin

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

Altcoins

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

Categories

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

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 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
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • 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
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 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.