Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bullish or Bad for Bitcoin? Venezuela Reportedly Testing Crypto Stash Full of BTC and Ethereum

by Daily Hodl Staff
September 27, 2019
in Bitcoin
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

‎‎‎ ‏‏‎

US President Donald Trump forbid US citizens from purchasing Venezuela’s government-backed digital currency, the Petro, when it launched last year. The Trump administration claimed the new currency, allegedly backed by oil reserves, was an overt move by the country’s embattled president, Nicolás Maduro, to skirt US sanctions.

Now, after resisting US-backed opposition leader Juan Guaidó, enduring ongoing sanctions, surviving rolling black-outs as well as civil unrest, hyperinflation and economic turmoil, Maduro is reportedly turning to Bitcoin and Ethereum.

These decentralized cryptocurrencies are traded globally and are not issued by any government or controlled by any centralized organization or political body. As such, they may represent a more resilient alternative to the country’s weak bolívar and reprisals from the US. Trump issued an executive order on March 19, 2018 prohibiting Americans from executing any transactions involving Petros or cryptocurrencies minted by Maduro.

According to the order,

“All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order.”

Bloomberg reports that Venezuela’s central bank is now testing how to hold both Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies with a combined market capitalization of $162 billion, at time of writing.

While Venezuela’s embrace of Bitcoin and Ether could effectively thwart ongoing US sanctions, the crypto community is weighing whether such a move could provoke the Trump administration into trying to restrict or ban the use of Bitcoin and other cryptocurrencies in the US.

Morgan Creek Digital co-founder Anthony Pompliano believes Venezuela’s alleged efforts are just the beginning of an inevitable trend.

He tweets,

“Every country will eventually do this. Just a matter of time before the game theory kicks in.”

But others are calling it a bearish trigger given the number of times President Trump and Treasury Secretary Steven Mnuchin have condemned cryptocurrencies as vehicles for criminals and terrorists.

Ladies and gents,

This is an extremely bearish signal.

The US has sanctions on VE. If VE moves to BTC to avert areas it's all the more reason for US/developed nations to regulate/ban BTC's use.

This is such dangerous thinking.

Pomp you should know way better....seriously

— VisionX (@VisionCodeX) September 26, 2019

If anything, Venezuela using Bitcoin to skirt US sanctions would increase the probability of the US cracking down on bitcoin as a "national security issue".https://t.co/LLGQYnbL6m

— Alex Krüger (@krugermacro) September 26, 2019

Bloomberg’s unnamed sources reportedly confirm that Venezuela’s national oil company, Petroleos de Venezuela, is exploring how to send BTC and ETH to the central bank so that the state-owned firm can pay its international suppliers.



Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • QuiverX to Integrate Chainlink Proof of Reserve To Power Transparent, Decentralized Crowdfunding
    January 15, 2021
  • The Online Family Office and High Net Worth Blockchain Conference
    December 22, 2020
  • How Blockchain Empowers Wuhan’s Digital Economy Growth – World Blockchain Conference
    December 14, 2020
  • SnapEx Adds LINK, BNB and TRX Alongside Sign-Up Bonus on a Sleek New App
    December 11, 2020
  • What’s the Role of Bots in Crypto Trading?
    December 3, 2020
Submit a Guest Post
Bitcoin
$37,141.00
$37,141.00
4.27%
Ethereum
$1,417.15
$1,417.15
16.43%
XRP
$0.302497
$0.302497
8.69%
Litecoin
$161.03
$161.03
10.02%
Bitcoin Cash
$534.22
$534.22
10.84%

Spotlight

  • Economic Uncertainty Spells Good Things for DeFi in 2021
    January 14, 2021
  • Crypto Analyst Nicholas Merten Says Altcoin Cycle Has Arrived, Lists Top Picks Poised to Outpace Bitcoin
    January 19, 2021
  • Billionaire Mark Cuban Outlines Bitcoin’s Biggest Sales Pitch As Jim Kramer Compares BTC to Erratic Stock
    January 12, 2021
  • Ripple Executive Says He Recovered Massive Bitcoin Stash Lost in Crypto Casino
    January 16, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2020 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.