In an exclusive interview with Alex Gladstein, chief strategy officer of the Human Rights Foundation (HRF), Venezuelan opposition leader Maria Corina Machado spoke about the vital role of bitcoin in the fight against economic collapse and authoritarianism in Venezuela. The interview, first published on bitcoin Magazine, highlights the catastrophic impact of hyperinflation caused by the Chavez and Maduro regimes, which have devastated the Venezuelan bolivar.
Machado noted that under Chavez and Maduro, the bolivar has lost 14 zeros, and inflation has soared to 1.7 million percent in 2018. He described the economic destruction, stating, “This financial repression rooted in state-sponsored looting, theft and unchecked money printing” has crippled the economy despite Venezuela’s vast oil wealth.
During the interview, Gladstein highlighted how some Venezuelans turned to bitcoin as a way to escape hyperinflation, protect their wealth and fund their flight from the country. Machado echoed this, calling bitcoin a “lifeline” for Venezuelans, a way to bypass government-controlled exchange rates. She proposed including bitcoin in Venezuela’s future national reserves as the country looks to recover its stolen wealth and rebuild after the dictatorship.
“bitcoin avoids government-imposed exchange rates and helps many of our people… It has gone from being a humanitarian tool to a vital means of resistance,” Machado said.
Machado also spoke of the determination of the Venezuelan people to regain democracy, highlighting their historic efforts to confront the regime. He praised the use of technology such as bitcoin to ensure financial autonomy and help rebuild a new and free Venezuela.
Looking ahead, he envisions bitcoin playing a key role in ensuring transparency, property rights, and economic freedom as part of Venezuela’s recovery plan, stating: “We envision bitcoin as part of our national reserves, helping to rebuild what the dictatorship stole.”
Those interested in supporting the Venezuelan opposition party's efforts for a peaceful transition and recognition of its victory can do so through HRF. here.
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