The so called "El Petro" could be a very interesting thing, the problem is, I don't expect a great management by the Maduro government.
Ultimately, it will probably be some sort of closed source mess where it's pretty much irrelevant since nothing is auditable by the rest of the world, whereas Bitcoin is auditable both in supply and in code, none of the government-backed currencies will deliver that, which means Bitcoin will continue strong filling the much needed niche of a global open source asset/currency.
The dollar will collapse sooner or later, the government's backup plan? we are yet to find out about that.
Ultimately, it will probably be some sort of closed source mess where it's pretty much irrelevant since nothing is auditable by the rest of the world, whereas Bitcoin is auditable both in supply and in code, none of the government-backed currencies will deliver that, which means Bitcoin will continue strong filling the much needed niche of a global open source asset/currency.
The dollar will collapse sooner or later, the government's backup plan? we are yet to find out about that.
Very good point. Maduro is a loudmouth surrounded by controversy and he's bound to fumble it somehow. But still begs the question how fast will the dollar fall. And let's not overlook the money to be made. With all those countries who have formed a polarized central bank to the westetn status quo making the shift to gold/oil/crypto currencies at the same time, (which could then entice Saudi arabia) That will be a market capitalization jump like never in my lifetime. Which could also seriously enhance the downward spiral of the dollar