Maria Corina Machado, the leader of the Venezuelan opposition, proposed creating a national Bitcoin reserve. This initiative aims to restore the country's economic stability, which has been ravaged by hyperinflation and an economic crisis.
Introduction
Maria Corina Machado, the opposition leader contesting the legitimacy of President Nicolas Maduro’s recent election victory, has called for establishing a national Bitcoin reserve. According to Machado, this initiative could play a critical role in restoring Venezuela’s financial stability, which has been ravaged by hyperinflation and the plundering of the country’s wealth by the current regime.
Venezuela's Economic Situation
In a recent interview with Human Rights Foundation CSO Alex Gladstein, Machado highlighted the degenerative processes the Venezuelan economy has experienced. She noted it had faced hyperinflation and a currency devaluation that caused the national fiat currency to lose 14 zeros of its value. Machado also emphasized that Bitcoin served as a lifeline for some citizens, allowing them to protect their wealth and finance their exits from the country.
Bitcoin Donation Campaign
Machado, who emphasized that their organization was unbanked, launched a Human Rights Foundation campaign to take Bitcoin donations to support their peaceful efforts on the ground and gain acknowledgment for their win.
If successful, Machado’s plan would make Venezuela one of the few countries in the world to adopt Bitcoin as a national reserve asset. Her vision is to restore the country’s financial independence and use decentralized technology to prevent future authoritarian control over the country’s wealth.
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