Bitcoin Applauded For Its Associated Initiatives In Venezuela By Open Money Initiative CoFounder
Bitcoin Applauded For Its Associated Initiatives In Venezuela
Many supporters of the digital currency have always advocated for the use of cryptocurrencies as a daily mode of transaction. Bitcoin and other digital assets in Venezuela have been on the rise largely due to the drastic economic and political collapse in the country.
Recently, during a podcast with Peter McCormack, a group of panelists got together to discuss the world’s largest digital asset Bitcoin and its impact in the South American country.
Present on the panel was Alejandro Machado, Jill Carlson, and Jamaal Montasser. It also included the individuals who run a non-profit organization that aims at implementing digital assets as a user case in Venezuela.
According to Carlson, Venezuela has a lot of subtle differences which is unsuitable for great marketing. She went on to add that, although the open money initiative is practical in Venezuela, it isn’t the dream that many people expected it to be.
The Economic Turmoil
Previously, the government of Venezuela had launched a NEM-based cryptocurrency, Bolivar. The digital asset was meant to control hyperinflation that was rising in the country and is also expected to reach 10 million percent this year.
Aside from the widespread inflation, the government also experienced political uprisings up until April 30 when the political ecosystem shuddered. A coup was orchestrated by the head of the Venezuelan secret police against President Nicolas Maduro’s government.
Despite the challenges that the South American faced, there are still various Bitcoin initiatives which aim at making a positive financial impact in the lives of their citizens. However, an overall assessment has to be made to determine the Venezuelans behavior and attitude.
In addition to Bitcoin, other digital assets like Dash have greatly contributed to the financial ecosystem of Venezuela. Dash has managed to bypass Bolivar which has been depreciating very fast.
Bitcoin Ends Financial Disaster
Sources indicate that the rates of transactions of Bitcoin have exploded to reach an all-time high. This is despite the fact that there has been a lot of tension in the country.
In early February, the oil-rich but cash-poor country ascended by 30% to 2,454 Bitcoins. That’s equivalent to about $1.29 million per day and $8.95 million per week. Currently, Bitcoin is trading at $3,553.
The spike in Bitcoin trading volumes goes to show that Venezuela residents are warming up to the world’s most popular cryptocurrency in addition to their own national currency as a store of value.
Despite the situation in Venezuela, Bitcoin has the capacity to influence the financial landscape and impact of crypto adoption for its citizens. Crypto is useful when it comes to a specific range of activities such as money remittance from other countries and for those who have extra income from their GPUs or miners. Such great news has instilled hope that digital assets can give a whole new twist to most financial solutions.