Bitcoin as a National Reserve Asset: The Opposition's Bet to Rebuild Venezuela!
Fri 06 Sep 2024 ▪ 4 min read ▪ by Luc Jose A.
The Venezuelan opposition is exploring radical solutions to turn things around in the face of the country's economic collapse. In fact, it proposes using Bitcoin as a national reserve asset. The stabilization of this economy devastated by years of mismanagement requires the recognition of Bitcoin as a national reserve asset.
Bitcoin as a National Reserve Asset: A Bold Proposal
During an interview with Alex GLADSTEIN, Strategy Director of the Human Rights Foundation, Maria Corina MACHADO, a leading figure in the Venezuelan opposition, revealed her plan to use Bitcoin (BTC) as a national reserve asset. She claims that it is time for Venezuela to turn to modern solutions to rebuild its economy, and Bitcoin is the key. MACHADO justifies this decision by the failure of the bolivar, the national currency, which has lost 14 zeros between two successive presidential terms. This devaluation, fueled by an out-of-control inflationary policy, has raised inflation to 1,700,000% according to her estimates.
She also recalled that, despite the country's significant oil resources, the disastrous economic policies of Presidents Hugo CHÁVEZ and Nicolás MADURO have led to a complete collapse of financial stability. Today, according to her, millions of Venezuelans are seeking to protect their assets through Bitcoin, which is in fact becoming a "humanitarian tool" in the midst of the crisis.
