Bitcoin News: Venezuelan Opposition Leader Labels BTC a ‘Lifeline’ – Is Legal Tender Adoption Next?

• Venezuelan opposition leader María Corina Machado sees Bitcoin as a crucial tool for economic recovery and a “lifeline” against hyperinflation.
• Machado proposes including Bitcoin in national reserves to protect wealth and rebuild Venezuela’s economy post-dictatorship.

Venezuelan opposition leader María Corina Machado has proposed using Bitcoin as a national reserve asset to combat Venezuela’s economic collapse. As discussed earlier, it occured amid the country’s transition to cryptocurrency usage following years of hyperinflation and economic recovery challenges.

In a recent exclusive interview with Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, Machado discussed how Bitcoin could help the country recover from years of hyperinflation and financial repression under the Chávez and Maduro regimes. She highlighted that the bolívar lost 14 zeros, with inflation reaching 1.7 million percent in 2018, crippling the economy despite Venezuela’s oil wealth.

According to a recent tweet by Simon Dixon, Machado proposes using Bitcoin as the national reserve asset for Venezuela.

Opposition Leader María Corina Machado proposes using #Bitcoin as the National Reserve Asset for Venezuela.

Closer than the crypto comment by Maduro.

“We envision Bitcoin as part of our National Reserves, helping rebuild what the dictatorship stole.”
pic.twitter.com/bdKmW3JEX8 https://t.co/jfjuSkLqm6

— Simon Dixon (@SimonDixonTwitt) September 5, 2024

Machado called Bitcoin a “lifeline” for Venezuelans, offering a way to bypass government-controlled exchange rates and protect wealth. She emphasized that Bitcoin could play a crucial role in the country’s recovery, ensuring transparency and economic freedom.

As revealed in a recent a recent post, Machado envisions Bitcoin playing a key role in safeguarding property rights, stating,

We envision Bitcoin as part of our national reserves, helping rebuild what the dictatorship stole.

By including Bitcoin in Venezuela’s future national reserves, Machado believes it can help rebuild what was lost under the dictatorship as CNF reported. As of today, According to CoinMarketCap data, Bitcoin (BTC) is trading at $55,710, after declining by 2.28% in the past day and 6.30% in the past week. See BTC price chart below.