Venezuelan Opposition Leader Supports Bitcoin
María Corina Machado Speaks with the Human Rights Foundation (HRF) about the Importance of Bitcoin in a Free Venezuela
This week, Venezuelan opposition leader María Corina Machado spoke with the Chief Strategy Officer (CSO) of the Human Rights Foundation (HRF), Alex Gladstein, about the role Bitcoin will play in freeing Venezuela and in a free Venezuela.
While I recommend that you watch the video yourself, as it’s only 6 minutes and 46 seconds long, I’ll also provide some key takeaways below:
Under Chávez and Maduro, the Venezuelan bolívar has lost 14 zeros.
Machado described the economic destruction in Venezuela under Chávez and Maduro, stating, “This financial repression rooted in state-sponsored looting, theft, and unchecked money printing,” also sharing that this destruction occurred despite Venezuela's vast oil wealth.
Machado described Bitcoin as a “lifeline” for Venezuelans, a way to stop the government from stealing from them.
Bitcoin will be a tool to help Venezuelans reclaim democracy and ensure financial autonomy.
Machado stated, “We envision Bitcoin as part of our national reserves, helping rebuild what the dictatorship stole.”
My Experience In Venezuela
Having lived in Venezuela under the Chávez regime in 2010 and 2011, I experienced the beginning of what living in a hyperinflationary economy was like firsthand.
While I lived there, the legal exchange rate for Venezuelan bolívares (VEF) was about 4 bolívares to 1 US dollar (USD), while the black market rate was about 13 VEF to 1 USD.
The legal exchange rate for bolívares to US dollars is now 3,664,890 VEF to 1 USD, and I have no idea what the black market rate currently is.
Inflation like this combined with other government violence against creates an unlivable environment, which is why over 25% of Venezuelans have fled their homeland.
To learn more about what I experienced firsthand in Venezuela, please check out the edition of this newsletter linked below:
Also, please check out my interview with native Venezuelan and activist, Jorge Jriassati, to learn more about why preserving individual rights in free and open societies matters.
Thanks for reading, and I’ll be in touch with the regular edition of the newsletter tomorrow.
Best,
Frank
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