Venezuela is expected to be the next country to adopt bitcoin as a national currency.


Venezuela is expected to be the next country to adopt bitcoin as a national currency.

Carol Alexander of Sussex University tells This website that Bitcoin could become a national currency in Venezuela.

The cryptocurrency Bitcoin has taken a hit as a result of ongoing protests in Kazakhstan this week.

Violent clashes between protesters, police, and the army have erupted in the Central Asian nation in recent days, sparked by a fuel shortage.

In the Bitcoin world, Kazakhstan is a major player.

According to the Cambridge Centre for Alternative Finance, the country overtook the United States as the world’s second-largest center for Bitcoin mining last year.

This isn’t the first time that Bitcoin and international politics have collided.

El Salvador became the first country in the world to accept Bitcoin as legal tender in September, making it the country’s official currency.

Nayib Bukele, the country’s president, predicted that Bitcoin’s value would reach $100,000 (£74,000) in the next year.

Mr Bukele also made a number of Bitcoin predictions, including that “two more countries will adopt it as legal tender.”

Venezuela, according to expert Carol Alexander, is another country that could follow El Salvador’s lead.

“I wouldn’t be surprised if Venezuela followed a similar path,” she said.

The sand dollar is another digital currency used in the Bahamas.

“However, Venezuela, as well as a slew of other insecure nations, could go for it.”

It’s most likely to come from South America, where inflation and bad governments have plagued the country for years.”

Professor Alexander also discussed how El Salvador became the first country to recognize Bitcoin as a legal tender.

“They began by handing out Bitcoin to people to get it into circulation,” she continued.

After that, they set up Bitcoin cash machines.

“They can exchange them for dollars, but for the time being, it appears that people are keeping their Bitcoin.”

“Venezuela has the capability to do this.”

There will be digital currencies issued by central banks; they must appear.”

Venezuela has previously experimented with cryptocurrencies.

The country’s Bolivar currency had become worthless due to hyperinflation.

Venezuelan President Nicolas Maduro announced the “Petro” in 2018.

He claimed a year ago that this would counter a US-led financial “blockade” – the US has imposed sanctions on Venezuela in response to corruption in the Caracas regime, despite the fact that this has exacerbated the country’s economic downturn.

The deVere Group’s Nigel Green stated.

“Brinkwire News Summary.”


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