Another Country is Thinking of Adding Bitcoin as a Reserve
On Thursday, María Corina Machado, a prominent Venezuelan opposition figure, revealed her plan to adopt Bitcoin as a national reserve asset.
This proposal echoes former US President Donald Trump’s recent suggestion of a national Bitcoin reserve.
In a discussion with Alex Gladstein from the Human Rights Foundation, Machado outlined how Bitcoin could be pivotal in addressing Venezuela’s deepening economic woes. She criticized the financial policies of former President Hugo Chávez and current President Nicolás Maduro, which she claims have led to the catastrophic devaluation of the Bolívar.
It was an honor to interview @MariaCorinaYA about such an important topic
The Chávistas completely destroyed Venezuela’s monetary system
Here she talks about how Bitcoin has been a tool of liberation and how, in the future, the country will rebuild its reserves with BTC 🇻🇪 https://t.co/SetvqE7lTp
— Alex Gladstein 🌋 ⚡ (@gladstein) September 5, 2024
Machado noted that Venezuela’s currency has significantly depreciated, with inflation skyrocketing to 1.7 million percent, causing prices for essentials to double nearly every two days. Since 2016, inflation has exceeded 8 million percent, driving millions to leave the country in search of stability.
READ MORE:
BREAKING: Telegram CEO Durov Speaks Out After Shocking Arrest in FranceMachado highlighted how many Venezuelans are using Bitcoin to protect their assets amid hyperinflation. She views Bitcoin as essential for rebuilding Venezuela’s economy and supporting its poorest citizens. Furthermore, she believes Bitcoin donations are protected from government seizure, making the cryptocurrency a key part of her strategy for a peaceful transition.
While her proposal bears some resemblance to Trump’s idea of a national Bitcoin reserve to manage US debt, Machado’s plan is independently motivated by Venezuela’s unique economic challenges.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Decoding VitaDAO: A Paradigm Revolution in Decentralized Science

Mars Morning News | ETH returns to $3,000, extreme fear sentiment has passed
The Federal Reserve's Beige Book shows little change in U.S. economic activity, with increasing divergence in the consumer market. JPMorgan predicts a Fed rate cut in December. Nasdaq has applied to increase the position limit for BlackRock's Bitcoin ETF options. ETH has returned to $3,000, signaling a recovery in market sentiment. Hyperliquid has sparked controversy due to a token symbol change. Binance faces a $1 billion terrorism-related lawsuit. Securitize has received EU approval to operate a tokenization trading system. The Tether CEO responded to S&P's credit rating downgrade. Large Bitcoin holders are increasing deposits to exchanges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.

The central bank sets a major tone on stablecoins for the first time—where will the market go next?
The People's Bank of China held a meeting to crack down on virtual currency trading and speculation, clearly defining stablecoins as a form of virtual currency with risks of illegal financial activities, and emphasized the continued prohibition of all virtual currency-related businesses.
