Venezuela’s opposition leader Maria Corina Machado has proposed a plan to adopt Bitcoin (BTC) as the country’s national reserve asset. In an interview with Alex Gladstein from the Human Rights Foundation, she described cryptocurrency as a “lifeline” and a “vital means of resistance” against Venezuela’s economic collapse.
Bitcoin as a National Reserve Asset
Machado’s proposal aims to tackle Venezuela’s inflation and financial instability, which she attributes to years of mismanagement by the governments of Hugo Chávez and Nicolás Maduro. Her plan mirrors a recent suggestion by former U.S. President Donald Trump, who advocated for a similar Bitcoin reserve for the United States. The 56-year-old emphasized that the cryptocurrency could play a crucial role in the country’s recovery, not only as a tool to escape hyperinflation but also as a safeguard for wealth as the country rebuilds from years of economic devastation. She criticized the financial policies of both Chávez and Maduro, saying, “This financial repression, rooted in state-sponsored looting, theft, and unchecked money printing, crippled our economy despite our oil wealth.” Many citizens have turned to Bitcoin to shield themselves from the country’s volatile currency and government-controlled exchange rates. “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,” she stated.
Rebuilding a New Venezuela
Machado also highlighted the people’s resolve to restore democracy, acknowledging their long-standing efforts in challenging the regime. She spoke on the use of technology as a tool to secure financial independence and aid in rebuilding a liberated country, emphasizing that Bitcoin donations and assets would be protected from government seizure, making them a crucial part of her strategy for a peaceful transition away from dictatorship. The former deputy of the National Assembly of Venezuela pointed out that the country’s currency has drastically lost value, with inflation soaring to 1.7 million percent and causing essential prices to double almost every two days. Since 2016, inflation has surpassed 8 million percent, prompting millions to flee for stability. Looking toward the future, she envisions Bitcoin playing a central role in her nation’s recovery, ensuring transparency, property rights, and economic freedom.
Maria Corina Machado's plan to use Bitcoin as Venezuela’s national reserve asset is seen as a way to overcome the economic crisis and restore financial stability in the country.
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