Bitcoin is a lifesaver in Venezuela

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Venezuelan opposition leader María Corina Machado has called Bitcoin an essential means of resistance, helping people overcome the hyperinflation crisis under President Maduro.

In an exclusive interview with Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation (HRF), published in Bitcoin Magazine on September 5, Machado highlighted the important role of Bitcoin in the context of the Venezuelan economy suffering from a deep economic crisis. Hyperinflation that has persisted under former President Hugo Chávez and President Nicolás Maduro has caused the local currency, the Bolivar, to lose its value, with inflation peaking at 1.7 million percent in 2018.

Machado described the government’s financial repression, including corruption and uncontrolled money printing, that has pushed Venezuela into economic disaster despite its oil wealth. According to Gladstein, many Venezuelans have turned to Bitcoin as a way to protect their wealth and bypass the government’s harsh currency controls.

In that context, Ms. Machado agreed with the above view and called Bitcoin a lifeline, helping people to make transactions without being affected by the exchange rate imposed by the government. She also proposed to include Bitcoin in the national reserve in the future, as part of the economic recovery plan and reconstruction of the country after the Maduro era.

“Bitcoin bypasses government-imposed exchange rates and helps so many Venezuelans… It has evolved from a humanitarian tool to an essential means of resistance,” Machado stressed, believing that the technology will play a key Vai in ensuring transparency, property rights, and economic freedom for Venezuela.

She also affirmed the people's determination to regain democracy and praised the use of Bitcoin to increase financial autonomy. She expressed hope that Bitcoin will make an important contribution to building a free and prosperous Venezuela in the future.

Currently, the Human Rights Foundation (HRF) is calling for international support for the Venezuelan opposition in its efforts to peacefully transfer power and bring a better future to the people there.

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