Venezuelan Opposition Leader Proposes Bitcoin as National Reserve Asset
María Corina Machado, a prominent figure in Venezuela’s opposition, has put forward a plan to adopt Bitcoin (BTC) as the country’s national reserve asset. In an interview with Alex Gladstein from the Human Rights Foundation, Machado described the cryptocurrency as a “lifeline” and a crucial tool of resistance against Venezuela’s economic collapse.
Machado’s proposal aims to address the country’s inflation and financial instability, which she attributes to years of mismanagement by the governments of Hugo Chávez and Nicolás Maduro. This idea closely mirrors a recent suggestion by former US President Donald Trump, who also advocated for a similar Bitcoin reserve for the United States.
The politician emphasized that Bitcoin could play a pivotal role in Venezuela’s recovery, not only as a means to escape hyperinflation but also as a safeguard for wealth during the country’s rebuilding phase after years of economic devastation. Machado criticized the financial policies of both Chávez and Maduro, highlighting how Bitcoin has allowed citizens to protect their wealth and, in some cases, finance their escape from the country.
“We envision Bitcoin as part of our national reserves, helping rebuild what the dictatorship stole,” Machado stated, expressing confidence that adopting Bitcoin as a domestic reserve asset could help Venezuela recover its stolen wealth and support its poorest citizens.
Machado also stressed the people’s determination to restore democracy, recognizing their longstanding efforts to challenge the regime. She emphasized the use of technology, particularly Bitcoin, as a means to secure financial independence and aid in the reconstruction of a liberated country. Machado believes that Bitcoin donations and assets would be protected from government seizure, making it a crucial component of her strategy for a peaceful transition away from dictatorship.
The former deputy of the National Assembly of Venezuela highlighted the dramatic loss of value in the country’s currency, with skyrocketing inflation of 1.7 million percent, causing essential prices to double almost every two days. Since 2016, inflation has exceeded 8 million percent, resulting in millions fleeing in search of stability.
Looking ahead, Machado envisions Bitcoin playing a central role in Venezuela’s recovery, ensuring transparency, property rights, and economic freedom.