Venezuelan opposition leader advocates for BTC as a national reserve

María Corina Machado, a prominent Venezuelan opposition leader, has proposed adopting Bitcoin (CRYPTO:BTC) as a national reserve asset to safeguard the country’s financial future.

In an interview with Alex Gladstein of the Human Rights Foundation, Machado described Bitcoin as a “lifeline” and a “vital means of resistance” against Venezuela's economic decline.

Her plan aims to combat the country’s severe inflation and financial instability, which she blames on years of economic mismanagement by the governments of Hugo Chávez and Nicolás Maduro.

Machado's proposal is reminiscent of a recent suggestion by former U.S. President Donald Trump, who advocated for Bitcoin to be used similarly in the United States.

The 56-year-old leader argues that Bitcoin could help Venezuela recover from hyperinflation, protect wealth, and rebuild the economy devastated by years of state mismanagement.

She criticised the financial policies of Chávez and Maduro, stating, “This financial repression, rooted in state-sponsored looting, theft, and unchecked money printing, crippled our economy despite our oil wealth.”

Many Venezuelans have already turned to Bitcoin as a way to protect themselves from the country's unstable currency and restrictive, government-controlled exchange rates.

Machado pointed out that Bitcoin bypasses these government-imposed barriers, allowing citizens to secure their assets and, in some cases, fund their escape from the country.

She believes adopting Bitcoin as a reserve asset could help Venezuela reclaim its stolen wealth and support its most vulnerable citizens.

“We envision Bitcoin as part of our national reserves, helping rebuild what the dictatorship stole,” Machado stated.

Machado emphasised the people's resilience in their ongoing fight for democracy, recognising their efforts to challenge the current regime.

She advocates using technology, such as Bitcoin, to achieve financial independence and to assist in rebuilding a liberated nation.

Her strategy involves safeguarding Bitcoin donations and assets from government seizure, making it an integral part of a peaceful transition away from dictatorship.

Machado noted the catastrophic devaluation of Venezuela’s currency, with inflation rates reaching 1.7 million percent, causing essential prices to double almost every two days.

Since 2016, inflation in Venezuela has exceeded 8 million percent, driving millions of people to leave the country in search of stability.

At the time of reporting, Bitcoin price was $54,143.45.