Venezuela’s Interim President Juan Guaidó Prefers Bitcoin to Petro

The leadership of Juan Guaidó as Venezuela’s leader has now become recognized by the US. He swore himself in on January 23, 2019, by taking a public oath to become Venezuela’s interim president. Guaidó is a crypto enthusiast and since 2014 has been promoting Bitcoin.

Guaidó; A Bitcoin Fan

Bitcoin became an alternative to Venezuelans because of the economic crisis that has been ravaging the country for several years. With the help of Bitcoin, many Venezuelans have been able to escape hyperinflation.
The situation of the country’s economy led Guaidó to become a supporter of Bitcoin. For instance, he made a post about Plataforma Sur Bitcoin, a Bitcoin exchange, on Twitter in August 2014. This exchange was the first to make it possible for Venezuelans to purchase Bitcoin using the local currency, Bolivars.

Gradually, Bitcoin transactions have risen in volume over the years in Venezuela. In the last few weeks, new heights have been recorded in Bitcoin trading on LocalBitcoins, a P2P trading platform, due to the deteriorating political and economic situations in the country.

Guaido Is Not In Support Of Petro

Guaidó strongly opposes the Petro cryptocurrency and has expressed that even on social media. The Petro was introduced by President Nicolas Maduro in February 2018 in response to the economic crisis of the country. The Petro cryptocurrency was created to function under the supervision of the government, with the country’s resources like oil and other mineral reserves serving as its support. According to Bloomberg;

“Venezuela’s Maduro carried out one of the greatest currency devaluations in history over the weekend. To make things more complicated, the new bolivar’s value will be linked to a cryptocurrency.”

Guiado convinced that the purpose of the Petro was to become a means to defraud the citizens of Venezuela, fought actively against the digital asset.
Reacting to Guaidó becoming Venezuela’s interim president, Max Keiser said, “Acting Venezuelan President is a fan of Bitcoin.” He continued:

“Good news. Maduro’s Petro was never gonna work. Converting economy over to Bitcoin would be the smartest thing they could do.”

Transactions using Bitcoin are expected to continue to rise in volume with the provision of more facilities that will make buying and selling of cryptocurrencies easier for Venezuelans. For instance, in a few days to come, there will be an installation of the first Bitcoin ATM in Venezuela.
Guaidó has been overseeing Venezuela’s National Assembly in the capacity of President since January 5, 2019. Apart from the US, other countries have recognized his leadership, and they include Canada, Argentina, Chile, Brazil, Peru, Colombia, Guatemala, Costa Rica, Ecuador, and Paraguay. The legitimacy of Guaidó’s leadership has also been recognized by The Organization of American States (OAS).

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