Venezuelan Opposition Leader Maria Corina Machado Props Bitcoin as a Lifeline, Proposes Establishing a Bitcoin Reserve

Venezuela might be one of the few countries adopting bitcoin as a strategic reserve asset besides El Salvador in the future.

Head of the political coalition that contests the victory of Nicolas Maduro in Venezuela has proposed establishing a bitcoin reserve for the country.

During an interview with Human Rights Foundation CSO Alex Gladstein, Machado highlighted the degenerative processes the Venezuelan economy has experienced, facing hyperinflation and a currency devaluation that made the national fiat currency lose 14 zeros. In this context, Machado highlighted the role that bitcoin played for Venezuelans, stating that due to its specific traits, it served as a lifeline for some who used it to protect their wealth and to finance their exits from the country.

“We envision bitcoin as part of our national reserves helping rebuild what the dictatorship stole. Before our gold reservers were plundered, Venezuela had wealthy financial reserves worldwide we will restore those reserves and include bitcoin as a key component.” Machado stated, adding that their organization is currently unbanked and that they started a Human Rights Foundation campaign that will accept donations to support their peaceful efforts on the ground to reach the recognition of their victory.

“Let’s use this technology to bring about the change Venezuela desperately needs,” she concluded. The campaign is live on the Human Rights Foundation web portal, claiming that “100% of all funds will be sent directly to workers on the ground in Venezuela in a way that the dictatorship cannot stop.”

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