Venezuela's dictator, President Nicolas Maduro, has called for a return to the world of crypto; this has started a stir in the cryptoverse.
Source: Bitcoin Magezine
Fear of US is leading the decision
Despite being an oil-producing country, Venezuela is poor due to US sanctions. Now, whether it is Harris or Trump, both do not sympathies with Maduro, there might be more sanctions soon. Recently, a Venezuelan plane in the Dominican Republic was seized by US officials, which made Maduro realise the international power of the US. Therefore, to pass US sanctions, Maduro will try to follow in the footsteps of Russia.
Easy to say, difficult to do
Maduro has said it, but he has nothing to enter the field of crypto.
- Lack of experience: Due to Maduro's ban on crypto in Venezuela, there is no community of crypto experts, and even those crypto lovers who are there also doubt Maduro.
- Problem of purchasing currency: Bitcoin and other cryptos are usually sold for US dollars and major fiat currencies; Venezuelan currency Bolivar is worthless like waste paper; no one will sell crypto for it.
My Point
Where there is a will, there is a way. Maduro needs to follow Nayib Bukele's lead and begin PoW mining. Oil is cheaper than water in Venezuela. Currently, oil and gas account for one-third of Venezuela's power supply. Maduro can utilise Venezuela's oil to generate more electricity, or seek other options. Once Venezuela is successful in mining Bitcoin, US sanctions will be fixed.
