- María Corina Machado proposes Bitcoin as Venezuela’s national reserve asset to combat hyperinflation and economic collapse.
- Venezuela’s inflation rate has surpassed 1,700,000%, causing severe currency devaluation and forcing millions to flee.
- Many Venezuelans use Bitcoin to safeguard wealth during hyperinflation, with donations immune to government seizures.
During a recent interview, Venezuelan opposition leader María Corina Machado revealed her strategy to use Bitcoin (BTC) as a national reserve asset. Machado’s proposal comes at a time when Venezuela is dealing with one of the worst economic crises in its history.
The contribution of Bitcoin to Venezuela’s economic stability
In an interview with Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, Machado highlighted the potential of Bitcoin to help ease the financial crisis in the country.
She described how poor management during the reigns of former President Hugo Chávez and current President Nicolás Maduro has severely damaged the Venezuelan economy. The Bolívar, the official currency of the country, has experienced a severe drop in value during the last two governments.
Machado shared concerning statistics, revealing an hyperinflation rate which has caused essential goods to double in price every 48 hours. Since 2016, inflation in Venezuela has exceeded 53,798,500%, leading to millions of Venezuelans fleeing in search of stability.
Even though the nation possesses some of the globe’s biggest oil reserves, it is experiencing severe economic difficulties because of ongoing devaluation of the currency.
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Bitcoin serving as a vital resource amid hyperinflation
Machado pointed out that a lot of Venezuelans have resorted to Bitcoin in order to protect their assets amidst the ongoing economic crisis. She characterized Bitcoin as an essential instrument that has enabled individuals to safeguard their financial assets during escalating inflation. Machado believes that Bitcoin donations, being decentralized, are not subject to government seizures, which is why she sees the cryptocurrency as an essential aspect of her vision for a revitalized Venezuela.
Machado’s Vision for Venezuela’s Democracy
Machado’s advocacy for Bitcoin focuses on restoring the country’s prosperity and safeguarding Venezuelans’ ownership rights. She believes that integrating Bitcoin as a national reserve asset would offer essential financial support and promote enduring stability.
In her proposed new democratic Venezuela, Machado envisions Bitcoin playing an essential role in safeguarding the nation’s financial future while supporting its most vulnerable communities.
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