Topic: Venezuela's central bank is holding Cryptocurrency! - page 5. (Read 712 times)
The last time I have read an article about Venezuela was when they had an econonic problem and planned to use crypto as an alternative or a way to survive in the crisis. I doubt if it could help them.in a big way, but crypto is not a complete solution and will never be. Crypto is not a magic thar can turn someone instantly rich as what some newbies think, what more a whole country. They need a change in their government, remove all the culprits who had put their country to crisis and start fresh.
I don't see anything wrong about holding or hoarding thing as it will favor the Crypto currency if they do that and they are also not the big whales so that they could manipulate the Crypto market. Venezuela is in economic crisis now so maybe they believe that Crypto will also help them to recover financially.
This wont help them with economy
We all know that Venezuela is experiencing crisis in their country. As for their government and central bank holding a cryptocurrency, I can't say whether it is good or not. The answer would still depend on how the government would use crytpo and how it could affect or even help their country from what they're experiencing right now.
It would be much appreciated if you could include the link of the article for more information regarding the topic.
It would be much appreciated if you could include the link of the article for more information regarding the topic.
According to the latest information from Bitcoin.com, they have reported on this. I don't know if this is a bad effect or a good effect on the market? Everyone can make a point here.
So you think that bitcoin.com is a legit source of information that posts real news?I think this is fake news.
Wasn't bitcoin.com ruled by Roger Ver and the BCH supporters?
If this is really true,good for the central bank of Venezuela,but I doubt they will buy and hold bitcoins.
Honestly, I believe that the main reason for accepting payments from PDVSA (Petroleos de Venezuela) is due to the total desperation they have at the economic level. Based on traditional solutions under normal economic study there is no solution (unless the government leaves completely without a trace).
But they have tried many economic formulas to see which one may work for them and none have been successful, I think that if they work with investments with international reserves based on Bitcoin and Ethereum, it is the last thing they can try to see if they have any kind of recovery. Because the economic disaster that exists and its crisis coupled with its exorbitant inflation, are economic scenarios never before considered for the study, since it escapes all reality, but that is happening and living.
But they have tried many economic formulas to see which one may work for them and none have been successful, I think that if they work with investments with international reserves based on Bitcoin and Ethereum, it is the last thing they can try to see if they have any kind of recovery. Because the economic disaster that exists and its crisis coupled with its exorbitant inflation, are economic scenarios never before considered for the study, since it escapes all reality, but that is happening and living.
Not only Venezuela, China and Russia too.
Looks like the communist nations are in preparativo to something big coming.
The great crisis is coming?
Here he is not referring to the people of that country, he is referring to the central bank!Looks like the communist nations are in preparativo to something big coming.
The great crisis is coming?
It is normal for people to hold coins, but for a central bank, it will be a disaster when the prices of coins are constantly dumped. The economy of that country will go down and the government must borrow from another country to pay for the country.
This is really a risky decision by the central bank of Venezuela, just hope that bitcoin will increase and their people will be less miserable.
According to the latest information from Bitcoin.com, they have reported on this. I don't know if this is a bad effect or a good effect on the market? Everyone can make a point here.
The more demand there is to Bitcoin, the better. That is the basic logic of something whose value is determined exactly by that rule.
This kind of news is actually widespread even before. It has already spread before that Venezuela will make use of Bitcoin to get away from the sanctions imposed upon them from their western enemies. And this is really a good development for Bitcoin. Perhaps the only negative thing that one can deduce from it is that associating these days with Venezuela's Maduro government is bad for its reputation.
From my point of view, I think this is an extremely wrong decision of them. Bitcoin is one of the high-valued assets because of manipulation, when a country holds so many assets, the fate of that country will be so precarious.
A good central bank will always want to hold low-yielding but sustainable types of assets, I think the central bank asset manager is in trouble.
If the central banks of other countries that are seem to be working fairly are greedy and therefore bad, how much more of a central bank of a totalitarian country ruled by Maduro?
Your fear of Bitcoin's volatility that might adversely affect the Venezuelan nation shows that you seem to care. I bet you are an outsider at that. Well, Venezuelans should start feeling the same. Their country is totally in the hands of someone who seem to be not in his right mind. And I doubt that their central bank is independent enough to act based on what it deems right and best, if it still has that sense. If it has a bank asset manager, the man must be a mere puppet.
Yeah, after the super inflation of their currency they transfer to cryptocurrency, I just have no news regarding what's their status regarding running a country using a cryptocurrency as mode of payment. that is the first step for other countries that is suffering on inflation to transfer into crypto.
Until now they still have not made Crypto as a mode of payment, but if we look at their cases that they have long experienced, we are sure later they will make Crypto As a mode of payment in their country. Inflation has really made the Venezuelan state suffer, we hope that they will be able to maintain economic stability in their country. What about Venezuela's central bank, bad or good? I am always afraid that the volatility of bitcoin will affect the assets of the Venezuelan nation. If so, the value of Bitcoin is only $ 100 one day, then Venezuela will be in crisis again?
From my point of view, I think this is an extremely wrong decision of them. Bitcoin is one of the high-valued assets because of manipulation, when a country holds so many assets, the fate of that country will be so precarious.
A good central bank will always want to hold low-yielding but sustainable types of assets, I think the central bank asset manager is in trouble.
From my point of view, I think this is an extremely wrong decision of them. Bitcoin is one of the high-valued assets because of manipulation, when a country holds so many assets, the fate of that country will be so precarious.
A good central bank will always want to hold low-yielding but sustainable types of assets, I think the central bank asset manager is in trouble.
It's not like they want to invest in cryptocurrency or love it, they are looking for solution to deal with U.S. sanctions against Venezuelan President, according to some sources " Petroleos de Venezuela SA had requested the central bank look into the matter after the oil producer ran into difficulties receiving payments from international clients due to U.S. sanctions against Venezuelan President Nicolas Maduro’s current regime. Cointelegraph". About bitcoin decreasing in value to $100, you have to understand that governments have experts, they are not gonna hold bitcoin blindly like unprofessional trader.
Venezuela is about to be classified as a rogue nation, to put you into context the highest officials of the country taken a trip to some of the known rogue nations in the World.
One of them is in Nort Korea, another one is in Cuba, you get the image of what's happening?
But even after all I have said about Venezuela, that's not something bad for Bitcoin.
Criminals have been using bitcoin since it's born, and that's haven't made it illegal. Yep, I got you, some investor might be afraid of Bitcoin being used as a way to clean money for bad nations and criminals.
But bitcoin is Pseudo anonymous that means that any movement can be traced, it's easy enough for a developed country to put an AI that search for the Addresses of the funds held by one of this governments
And then putting sanctions or even seize the money, if they try to clean it.
In short: Is not good but it's also not bad for bitcoin.
I remember reading a quote from Satoshi about WikiLeaks, and the heat it brings that could destroy Bitcoin in the early days.One of them is in Nort Korea, another one is in Cuba, you get the image of what's happening?
But even after all I have said about Venezuela, that's not something bad for Bitcoin.
Criminals have been using bitcoin since it's born, and that's haven't made it illegal. Yep, I got you, some investor might be afraid of Bitcoin being used as a way to clean money for bad nations and criminals.
But bitcoin is Pseudo anonymous that means that any movement can be traced, it's easy enough for a developed country to put an AI that search for the Addresses of the funds held by one of this governments
And then putting sanctions or even seize the money, if they try to clean it.
In short: Is not good but it's also not bad for bitcoin.
I think "the heat" from a rogue nation like Venezuela won't disrupt Bitcoin this time since our network is already robust. But I agree with you about the effect won't be significant. Not like US or EU tried to use Bitcoin as their reserve.
According to the latest information from Bitcoin.com, they have reported on this. I don't know if this is a bad effect or a good effect on the market? Everyone can make a point here.
I guess you better sight the link here so that people will know what is the real story. Anyway, it is a good point that government are engaging on cryptocurrency specially if they are truly holding coins, they are not doing that to demolish the cryptocurrency but they had the plan in the future because they dont waste money to hold and stay those coin in their system without any futuristic plan.
Venezuela's central bank is holding Cryptocurrency!
Are you new? They not only holding cryptocurrency they issued cryptocurrenncy named Petro. That was years ago. That si probabyl reason why their currency is slosing value so fast since they daytrade.
Venezuela's central bank is holding Cryptocurrency!
Are you new? They not only holding cryptocurrency they issued cryptocurrenncy named Petro. That was years ago. That si probabyl reason why their currency is slosing value so fast since they daytrade.
Well it's a good idea for any economy to hold cryptocurrency because the upside is much greater than the minimal risk that comes with investing in it. Hopefully it works out for Venezuela and their current economic nightmare changes for the better!
If this is real i can't imagine what might come up of this and to be honest this seems an alternative plan to them saving the economy from inflation or a way to save up for what it might be the next world's currency, imagine if they were like holding a large amount of bitcoin and at some point where bitcoin reach 100k they would have a reserve that could change the course of their economy, and the economy is so bad right now that their only solution to fix it is to go completely crypto and scrap their fiat which is worth nothing.
I'd agree that North Korea is a rogue nation. Venezuela and Cuba, not so much, I think they are stigmatised because they dared to stand up to the US. Venezuela was doing well for a time under Chavez, but eventually the massive sanctions have the desired effect.
Fundamentally there is no difference between North Korea, Venezuela and Cuba. It's not the people there who are rogue, but the leaders and their elite minions. North Korea is taking things to another level, but we also shouldn't forget about the US propaganda machine that's out to make North Korea look like a threat to the western world in every possible way.
I have seen the US commit more crimes against humanity than any other country most people seem to fear. People however are too ignorant to look through that to read between the lines.
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Venezuela was doing well for a time under Chavez,
The oil price was doing very well, if we look back under the regime range annually for each ruler and compare oil price it should show Chavez had a far more favorable tailwind and the benefit of previous work and assets built up.
This country has the largest proven oil reserves in the world, potentially its richer then Saudi Arabia, we have to examine the details of why their fortunes differ so greatly and part of it is the oil type extractable and how it relates to the oil price. The Saudi family have a cost of extraction and sale even below $50 and no great effort is required beyond local tensions, Venezuela has heavy sour crude with sulphur that requires refinement before sale.
Venezuela cannot afford to nationalize their industry when sophistication and efficiency are required to receive a profit, if they become poor it is by they own lack of understanding on this.
Looks like the communist nations are in preparativo to something big coming.
The great crisis is coming?
Yeah, but bitcoin isn't exactly a safe-haven asset to be holding in the event of a crisis--unless those countries are expecting the end of the banking system (which was feared back in 2008 or so). What if bitcoin continues to decline in value? They're going to be left holding a depreciating asset, and it doesn't make sense that they'd do that. If Venezuela was going to be stocking up on anything, I would figure it'd be gold & silver, not bitcoin.The great crisis is coming?
Maduro (Venezuela president) sended all gold reserve to Russia few months ago. Russia, China, North Korea, Venezuela and Cuba never worked together like now, helping eachothers and protecting yourself from USA.
Maybe the craziest acts coming from USA is only a predict about the future crisis, like the atack in arabic crude oil reserve.
We need to pay attention to follow the market and choose the best for our money.
All of this can be only conspiracy theory, but have much sense.
Venezuela is about to be classified as a rogue nation, to put you into context the highest officials of the country taken a trip to some of the known rogue nations in the World.
One of them is in Nort Korea, another one is in Cuba, you get the image of what's happening?
One of them is in Nort Korea, another one is in Cuba, you get the image of what's happening?
I'd agree that North Korea is a rogue nation. Venezuela and Cuba, not so much, I think they are stigmatised because they dared to stand up to the US. Venezuela was doing well for a time under Chavez, but eventually the massive sanctions have the desired effect.
If a rogue nation is one that is a threat to peace in the world, then the US and Israel have got to be up there. Plus my home country, the UK - one example, we've been happily exporting arms to Syria, killing innocent civilians for profit... but you never see the UK on a rogue nation list.
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