Venezuela and Bitcoin

It’s getting pretty crazy in Venezuela right now. Mind you, the weird attempt by the government to launch the Petro, a state-backed ‘cryptocurrency’ last year, the inflation rate in the country hitting 80,000% in 2018and the accompanying huge growth in demand for Bitcoin provides a bit of context.

And it doesn’t stop there. Not only is new popular leader Guaido not only a vehemebnt critic of Maduro’s Petro but also spoke openly about Bitcoin back in 2014.

And now, to ramp up the pressure, we have the US declaring a new President in a foreign country and the Bank of England confiscating Venezuela’s gold…

So many parts of this remind me of those conversations over the past few years where popular Bitcoin critics and commentators spoke disparagingly about the chance of many of these things happening individually.