Venezuelan Opposition Leader Proposes Bitcoin Reserve to Combat Economic Crisis

Maria Corina Machado, the leader of Venezuela’s opposition coalition, has proposed establishing a Bitcoin reserve to protect the country’s economy from hyperinflation and financial instability. The opposition leader, Machado, who coordinates the coalition demanding a redo of the election in which Maduro was triumphant, thinks that Bitcoin can act as a saving for Venezuelans and will allow individuals to protect their money.

Venezuela has been facing one of the worst hyperinflation rates within the last several years, and its national currency has been devalued to the extent that it has been shedding 14 zeros. For this reason, citizens of Venezuela have searched for an option to hedge their money with the help of BTC. During an interview with Alex Gladstein of the Human Rights Foundation recently, Machado described how some citizens have used Bitcoin to keep their wealth intact and also fund their exit from the country. She described some of the virtues that make Bitcoin differentiated, making it more valuable in hard economic times.

Machado Proposes Bitcoin as Lifeline for Venezuela, Launches Donation Drive

Machado has a view towards Bitcoin as a form of financial solution in Venezuela, where she said that it should be included in Venezuela’s reserves. She noted that there is lack of gold reserves in the current regime in Venezuela, but she strongly opined that it is possible to rebuild the reserves of Venezuela with Bitcoin. “Before our gold resources were stolen, Venezuela had rich financial resources globally. We will rebuild those resources and integrate Bitcoin into them,” Machado vowed.

To back up this vision, she has started a donation campaign through which anyone can donate to the Human Rights Foundation on behalf of Machados. The campaign allows donors to contribute through the Bitcoin currency to aid the peace standing of the opposition on the ground in Venezuela. She said that everyone who donates will help Venezuelan workers bridging the money by cutting off the government’s middleman. In his last words, Machado urged the supporters to help in the struggle for democracy in the country by donating through Bitcoin since it would help in ensuring that a change that Venezuela needs is achieved.

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