- The governance of Chavez and Maduro has led Venezuela into hyperinflation
- Bitcoin has become a key tool in protecting wealth and circumventing government restrictions
- Machado sees Bitcoin as the salvation of Venezuela’s economy and suggests making national reserves
Recently, Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation (HRF), and Venezuelan opposition leader María Corina Machado had an exclusive interview discussing the disastrous consequences of the authoritarian rule of Chavez and Maduro.
María Corina Machado also shared that Bitcoin has become the main tool for people to circumvent government regulation, avoid inflation, and build wealth and that it remains the main tool to save Venezuela’s economy.
Economy After Chavez and Maduro and the Role of Bitcoin
María Corina Machado revealed figures where, under Chávez and Maduro, the bolívar has lost 14 zeros, with inflation skyrocketing to 1.7 million percent in 2018, and even the country’s rich resources didn’t stop it.
“This financial repression rooted in state-sponsored looting, theft, and unchecked money printing.”
In the face of a rapidly declining economy and political dictatorship, many people have turned to Bitcoin to build their wealth as well as basic security.
“Bitcoin bypasses government-imposed exchange rates and helps many of our people…. It has evolved from a humanitarian tool to a vital means of resistance,” Machado stated.
What Is Bitcoin’s Future Role in Venezuela?
Machado says that Bitcoin remains the only viable tool that can boost the country’s economy, undo the effects of the dictatorship, and resist it in the future.
Also, looking to the future, she suggests that Bitcoin be made part of the national reserve for this purpose, which should help bring back a democratic free Venezuela.
“We envision Bitcoin as part of our national reserves, helping rebuild what the dictatorship stole.”
Conclusions
The history of Venezuela is a very sad lesson indeed, showing that good management is always more important than any amount of resources a country may possess.
Venezuela is both a country with some of the richest natural resources and one of the biggest problems with the economy, which actually puts the responsibility on the people who distribute these resources.
Let’s hope that pro-crypto initiatives will find their place and really help Venezuela reach a new level. We will be watching closely.
