The Venezuelan opposition is exploring radical solutions to redress the situation in the face of the country's economic collapse. Indeed, it proposes to use 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
In an interview with Alex GLADSTEIN, Director of Strategy at the Human Rights Foundation, María Corina MACHADO, a leading figure in the Venezuelan opposition, revealed her plan to use Bitcoin (BTC) as a national reserve asset. She says 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 lost 14 zeros between two successive presidential mandates.This devaluation, fueled by an out-of-control inflationary policy, has caused inflation to rise to 1,700,000% according to his estimates.
She also recalled that, despite the country's significant oil resources, the disastrous economic policies of Presidents Hugo CHAVEZ and Nicolás MADURO led to a complete collapse of financial stability. Today, she said, millions of Venezuelans are seeking to protect their wealth through Bitcoin, which is effectively becoming a “humanitarian tool” in the midst of the crisis.
Bitcoin as a strategic lever for economic sovereignty
MACHADO sees Bitcoin adoption as a way to build a “new Venezuelan democracy.” She explains that crypto, as an incorruptible asset, can protect citizens’ property rights and ensure that donations or outside investments are not seized by the ruling regime. For the latter, Bitcoin can help rebuild trust in the Venezuelan economy and restore wealth to the poorest.
She is not alone in considering Bitcoin as a strategic tool on a national scale. Former US President Donald TRUMP has also discussed the idea of creating a national reserve of Bitcoin to counter the colossal debt of the United States. If MACHADO’s project comes to fruition, it could serve as a model for other nations in crisis, eager to free themselves from international financial pressures.
Venezuela’s adoption of Bitcoin as a national reserve asset is a bold and risky proposition. If successful, it could radically transform the country’s economic trajectory and offer an innovative model for other struggling nations. However, the scale of the challenges ahead is immense: from regulating the crypto market to Bitcoin’s inherent volatility, not to mention potential opposition from the current regime.
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