Venezuela to Start Using Crypto?
Bloomberg article: https://www.bloomberg.com/news/articles/2019-09-26/venezuela-has-bitcoin-stash-and-doesn-t-know-what-to-do-with-it
The central bank in Venezuela has managed to get its hands on some BTC and some ETH. Now it is questioning what to do with it? Can it be counted as reserves against their fiat currency?
Counting it as reserves is kind of interesting, but what I think is much more important is the next step of a nation-state using crypto as a currency. Venezuela is an extreme case, backed into a corner by the US and the rest of the mainstream financial system. No government with good control over its own fiat would take this step. But in this case, the local fiat has already been pretty much destroyed, so there isn't much downside for the government to start transacting on chain.
If and when they do take this step, it will be a huge boon for crypto. The more value that is transferred on-chain, the more valuable the chain is. Other governments on the lower-tiers of financial control will be able to see this and might join in.
▶️ 3Speak
I'm thinking since their fiat currency is pretty much destroyed, they might as well thinking of a way to start salvaging it and what better way than Crypto, although it's definitely tested but not trusted to serve as a financial reserve, but well let's see how Venezuela turns this around.
I think this is a good step to improve the Venezuelan economy. Having a reserve of bitcoin and other coins could become one of the foreign reserves for Venezuela that can be used in the future.
Bitcoin adoption might end up being hastened by Wall Street, but it will almost certainly stem from the emerging markets.
The USA has little use for crypto, which is why they drag their feet. If you want to know bitcoin's true value ask an #Argentinian.
Information Source
Absolutely. For the man on the street in places like Argentina, BTC is a much better way to store and transmit value than the local fiat that gets defaulted on every 5 years.
The case of VZ here is interesting because it's at the government level instead of the personal level. A few accounts make 1B USD-sized transactions will be interesting to see.
Bitcoin is a great place to put assets, especially in places like Argentina with 40 percent inflation, where $1 today is worth 60 cents in a year.
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