Bitcoin adoption will surge in Venezuela for several reasons including backing by opposition leader Maria Corina Machado. Citizens have turned the largest cryptocurrency to negative economic conditions in the country. Crypto executives lauded the bold move projecting wider impacts on the market.
Machado Calls Bitcoin A Lifeline
In a recent interview, Machado highlighted the present effects of economic policies on the citizens pointing to inflation. According to her, the bolivar lost value with inflation skyrocketing to 1.7 million percent due to the economic state. Despite the nation’s oil wealth, economic realities have worsened due to corruption, theft, and unchecked money printing, she explained.
As a result, many have turned to Bitcoin as a haven and a store of value to escape soaring inflation in Venezuela. The opposition leader called Bitcoin a lifeline for citizens to escape government control fast becoming a means of resistance.
“Some Venezuelans found a lifeline in Bitcoin during hyperinflation, using it to protect their wealth and to finance their escape. Today, Bitcoin bypasses government-imposed exchange rates and thus helps many of our people. It has evolved from a humanitarian tool to a vital means of resistance. We’re grateful for the lifeline Bitcoin provides and look forward to embracing it in a new democratic Venezuela.
She added that Bitcoin will be part of the national reserves to help rebuild what the dictatorship stole. This comes as global leaders back Bitcoin to drive economic innovation. Donald Trump reiterated his support for Bitcoin and crypto despite the present government’s stance.
Coinbase CEO Drums Support for BTC Adoption in Venezuela
Brian Armstrong, the CEO of Coinbase exchange hailed the statement by Venezuelan opposition leader. In a recent post on X (formerly Twitter), he stated that economic freedom is a foundation for all others adding that it would be great to see another Latin American country backing Bitcoin as an official currency. The exchange remains big on supporting the market to tap wider adoption. Recently, Coinbase filed an anticipated cross motion in its FOIA suit against the FDIC.
It would be great to see another Latin American country flip to Bitcoin as an official currency.
Economic freedom is a foundation to all freedom.
Support the Venezuelan Opposition party in advancing economic freedom at https://t.co/v1SRY3iFxe https://t.co/fDkMXjY3d5
— Brian Armstrong (@brian_armstrong) September 6, 2024
El Salvador’s moves to adopt Bitcoin as an official means of payment were hailed across the wider cryptocurrency space. This inspired other leaders to make a similar leaning towards BTC placing freedom in the hands of the citizens.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/venezuela-follows-donald-trumps-bitcoin-strategy-what-it-means-for-btc/
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