How Venezuela’s Maduro Should Have Chosen Bitcoin (BTC) Over Petro
Venezuelans appear to be away from taking a break from the ongoing economic and political crisis, with the national currency bolivar galloping towards one million percent of inflation and two presidents fighting for a single presidential title – the leader of the state.
In the meanwhile, as President Maduro and the self-proclaimed President Guaidó are competing for the presidential chair, the Bank of England had locked all reserves to the country’s gold, blocking the access to the reserves for Maduro.
Guaidó appears to be a more favorable choice for Venezuela judging by the latest move of the Bank of England, also having President Trump announcing their support for Guaidó.
In the meanwhile, Russia is offering their support to Maduro, and as announced by Venezuelan Tribunal of Justice, Guaidó’s bank accounts will be frozen, and Petro currency, which was supposed to become the first national cryptocurrency of Venezuela is not working as planned.
Petro Sinking for Over a Year, Bitcoin Could Have Been a Better Alternative for Maduro
As the country is surging towards one million percent of inflation, the overall economic power of Venezuelans is going through a major turmoil, with the country being under the close eye of allies and the rest of the world, including the US that imposed bans on Venezuela earlier on during the economic collapse.
Petro, previously announced on February 2018, appears to be failing in its mission, and the people of Venezuela might be slowly adapting to the fact that Bitcoin might be the only mean of storing and operating with monetary value that could at least mitigate a portion of the ongoing crisis.
Weeks back, Maduro met with President Putin, altogether announcing that Petro will be used for selling the country’s oil reserves, and adding that Venezuela will be accepting Petro in return for oil starting in the near future.
However, Petro doesn’t seem to be working as planned, which can also be easily concluded based on the increased interest in Bitcoin detected in Venezuela as more people from the country are changing their fiat currencies for BTC.
Petro is supposed to be backed by a physical value in order for Maduro to succeed in his plan of getting Venezuela back on its feet through cryptocurrency, however, the Bank of England had locked access to 1.2 billion dollars in gold reserves for President Maduro, inclining towards supporting his political opponent.
Pro-BTC Guaidó Potentially Holding Bitcoin: Bitcoin Can’t be Confiscated
Guaidó has previously showcased his readiness to accept cryptocurrencies, said to be one of the country’s unsponsored BTC advocates, which is why it is presumed by the majority of reporters that the second President of Venezuela is storing BTC units and investing in the top crypto in the market.
Regarding the investigation led by the Tribunal of Justice of Venezuela, commentators are noting that even though Guaidó’s bank accounts are frozen, he can have his bank right on his phone thanks to BTC:
“The judges of Maduro issue an order to block the bank accounts of President Guaidó. these idiots do not know that as a member of the millennium generation the interim president in second will have a full bank on his phone. #bitcoin cannot block it.”