Maria Corina Machado, head of the political coalition that contests the victory of Nicolas Maduro in Venezuela, has proposed establishing a bitcoin reserve for the country. Machado stated that bitcoin represented a lifeline for many Venezuelans, that protected their wealth from rampant hyperinflation and announced a bitcoin donation campaign to help them in their democratic struggle.
Venezuelan Opposition Leader Proposes Establishing a Bitcoin Reserve
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Venezuelan Opposition Leader Maria Corina Machado Props Bitcoin as a Lifeline, Proposes Establishing a Bitcoin Reserve
Venezuela might be one of the few countries adopting bitcoin as a strategic reserve asset besides El Salvador in the future. Maria Corina Machado, leader of the Venezuelan coalition currently contesting the results of the recent elections, in which President Nicolas Maduro was proclaimed victor, has proposed establishing a reserve using bitcoin.
In a recent interview with Human Rights Foundation CSO Alex Gladstein, Machado highlighted the degenerative processes the Venezuelan economy has experienced, facing hyperinflation and a currency devaluation that made the national fiat currency lose 14 zeros of its value.
In this context, Machado appreciates the opportunities that bitcoin brought Venezuelans, stating that due to its specific traits, it served as a lifeline for some who used it to protect their wealth and to finance their exits from the country.
Machado stated:
We envision bitcoin as part of our national reserves helping rebuild what the dictatorship stole. Before our gold reservers were plundered, Venezuela had wealthy financial reserves worldwide we will restore those reserves and include bitcoin as a key component.
Machado, who stressed that their organization was unbanked, started a Human Rights Foundation campaign that will accept donations to support their peaceful efforts on the ground to reach the recognition of their victory. “Let’s use this technology to bring about the change Venezuela desperately needs,” she concluded.
The campaign is live on the Human Rights Foundation web portal, claiming that “100% of all funds will be sent directly to workers on the ground in Venezuela in a way that the dictatorship cannot stop.”
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