What has the Trump-backed Venezuelan president Guaido said about Bitcoin?

24 Jan, 2019
by Alberto Arnaldo
Analysis
What has the Trump-backed Venezuelan president Guaido said about Bitcoin?

With the recognition of Donald Trump, Canada and several heavyweight regional governments of South America, Juan Guaidó, president of the National Assembly, took a public oath in the streets of Caracas proclaiming himself as president of Venezuela.

Even though the Defense minister, together with the country’s army, has taken sides in the last hours with Nicolás Maduro, the political crisis which started yesterday is far from finished. Guaidó has not been recognized by México nor by the E.U., with the Spanish president calling for free elections in order to avoid a conflict.

Humanitarian, democratic and legal considerations aside, Venezuelan hyperinflation has helped Bitcoin adoption and cryptocurrency use all over the country. Meanwhile, the Maduro administration has been triggering headlines and confusion alike with the purported tokenization of the largest known black gold reserves of the world into an oil barrel-backed cryptocurrency, the Petro.

Read more: Venezuela crypto, Petro's price is changed (again), this time 300% up

Supposedly linked to the greatly devaluated sovereign Bolívar, Petro can´t be traded in any known cryptocurrency exchange. According to a Reuters report, they were nowhere to be seen in Venezuela, although there was a NEM based currency that could have raised about $850 million.

What does Juan Guaido think about Bitcoin?

In the case that the White House backed Juan Guaido does overcome the Maduro regime, major changes are expected to take place all over Venezuela, including the growing cryptocurrency scene. 

Guaidó talked about Bitcoin already back in 2014, as tweets unearthed in the last hours show him celebrating the opening of the first Bitcoin exchange in Venezuela:

Users have been reacting to this old tweet recently, with Venezuelan blockchain developer Typson Sanchez typing “President, it is still too early to think about economy, but cryptocurrencies could help a lot with that and with transparency in key processes”:

What has Juan Guaidó said about Petro?

Judging from Juan Guaidó´s previous tweet, it seems as if cryptocurrencies have nothing to fear from his possible rise to power. However, that is not the case of the Petro.

In late December of 2017, amid the peak of the latest bull run on cryptocurrencies, Guaidó dissed the recently created Petro heavily, stating that “because of being backed by oil resources, it could be an electronic bond or any other kind of trick, but no one would ever believe in it”:

Even though it remains to be seen if Guaidó will be able to sustain his soft putsch for legitimacy, it is quite clear that the Petro does not stand a chance in case he is successful in it. How would this unforeseen circumstance fare for John McAfee in case he finally decides to sail for Venezuela, still remains unknown.

Read more: McAfee after escaping the US: 'Nothing to hide with one exception'Latin American countries keep on breaking BTC purchase records

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