The Petro (cryptocurrency) is now Venezuelas go to value and store of value (which I am sorry to say there is not much of) The fiat system of bolivars is now almost worthless losing 96% of its value over night.
While I would like to say this is a change I like and wanted to see countries go full crypto it was totally done in the wrong way and honestly has destroyed the country leaving just a very few people in charge. The government as they now hold and regulate the cryptocurrency pretty much resetting everything.
To see this drastic change we can view the markets
1 Bitcoin was worth 44 billion bolivars and now its at 59 billion or more.
$1 = 6.7 million bolivars yesterday and today is now 9.2 million
The fiat currency has seen a massive drop and soon will be totally phased out not even used or accepted anymore. Instead you will have to use their crypto but who controls that crypto? Not the people thats for sure and if anything people in other countries actually own it.
HOWEVER and this might be a big however, If the world can now buy this new cryptocurrency the value might be higher then ever given some time. It would mean people that invest in random alt coins might pick up the petro and not really even realize what it is. Thus it would increase the value of it and spread it world wide instead of within one country.
Your thoughts on this?
It’s nice to see a country attempt a crypto and yeah a world wide market of it would increase its value I’m guessing slightly, I’m gonna stay away from this one, sounds like bad management ruined their fiat and the same management is gonna handle the crypto
Awesome information, keep the hard work up...
The Petro will be a failure since the underlying control willl manipulate it with bad policies as they did the Bolivar. The oil backing it is the only benefit it but as you say, they also control that. I would steer away from this always although it is a great case for future efforts by nations!to tokenize assets.
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Means people have to pay in the bakery and on the market with crypto currency? How does that work?
The Venezuela government is a criminal organization, I wouldn't advice anyone investing money in this fraudulent crypto currency.
The economy is completely destroyed and adding a crypto to the mix won't save it.
Pertinent question!
This is always a worrying factor of 'closed/local' crypto.
Buenos Días.
Amigo, el problema de esto es que aparentemente esta ¨cripto¨ no es como las demás, que nacen en la cadena de bloques, no es descentralizada, ya que no puedes meterte en una pagina de exchange y comprarla como haces con bitcoin o cualquier otra criptomoneda, sino, alejado de esa realidad, hay que entregar cualquier cantidad de recaudos para la adquisición del mismo, eso le da control al gobierno sobre quien las compra, quien no y como se usan, perdiendo la esencia de las cripto, esto vuelve prácticamente inviable su compra internacional, ya que el atractivo de las cripto es, precisamente, el anonimato que brinda.
Como segundo punto y no menos importante, es el valor que se le da, el valor de esta está anclado al precio del barril de petroleo en vez de dictarlo el mercado (oferta y demanda) esto porque, según el estado el petro esta respaldada con petroleo (cuando se ha visto en la historia de las crypto una moneda con respaldo como el dinero fiduciario) son cosas para analizar. en mi opinión eso esta condenado a ser un fracaso, a no ser, que por un milagro, las empresas locales e internacionales le den respaldo comprándola y transandose con ella.
Las siguientes semanas serán interesantes.
Saludos y gracias por la publicación.