Perfect example of why governments must hold Bitcoin

[fiulpro]

*There would actually be a problem if they were holding bitcoins and the price decreased suddenly then their economy would go so down and there would be problems and problems .

Yes it could actually be good but unfortunately it could also doom them .

They are just trying to play safe .. which could get them through these days .

You cannot blame them for choosing gold

[1713423306]

1713423306

[1713423306]

1713423306

[1713423306]

1713423306

[1713423306]

1713423306

[1713423306]

1713423306

[Vishnu.Reang]

What Maduro needs is hard cash (in the form of United States Dollars or Euro). If he had Bitcoin or any other cryptocurrency instead of gold, I am not sure whether his fortunes would have brightened any further. The sanctions prohibit other countries from purchasing any assets from Zimbabwe and that includes gold and digital assets including Bitcoin.

[bitbunnny]

What Maduro needs is hard cash (in the form of United States Dollars or Euro). If he had Bitcoin or any other cryptocurrency instead of gold, I am not sure whether his fortunes would have brightened any further. The sanctions prohibit other countries from purchasing any assets from Zimbabwe and that includes gold and digital assets including Bitcoin.

I'm not sure that Bitcoin could help to Maduro or anyone else. They still need to stick to fiat money and gold. In general, Bitcoin is still too risky because of high volatility and governments can't rely on them. Could you imagine economic or financial system that would depend on Bitcoin? I don't think so.

[jostorres]

That is the fact and the decentralized nature of cryptocurrencies or bitcoin makes one transactions synonymous.  Outside governments I think even individuals should endeavour to hold bitcoin than gold in other to make things easier.

Its risky to hold decentralized thing like bitcoin as long as it didn't considered as legal tender in your country.I don't think any country considering bitcoin as currency in this world but many regulated it as digital assets so holding needs to pay taxes.

The anonymity is good for the users but really bad thing for the governments.

This is why government is trying to play wisdom with it, they don’t want to ban it because using it as an asset will also add additional benefit to the government but using it as currency will sure affect them and have you winder while they are all trying to create their own coins? Because, they know that is the only way that they can weaken the strength of bitcoin to be recognized and used as currency when they impose their own coin on their citizen which is not part of the freedom that is being signed by some of these governments when they assumed power.

Government are not even supposed to attack cryptocurrency because it is like this even favored them more in the area that the op listed on the benefits of it for the government.

[Findingnemo]

Government are not even supposed to attack cryptocurrency because it is like this even favored them more in the area that the op listed on the benefits of it for the government.

But they will when once they started to lose their fiat value due to the increase in adoption of bitcoin and other decentralized matter,so bitcoin holders need to stay at that time to bring the real financial freedom.

[TheCoinGrabber]

Well not entirely rely on it but if a part of the treasury was used to buy bitcoins when it was pretty cheap, the value would be great by now. I don't know how they would use that to boost that economy though. Maybe they can have people outside converting it to whatever fiat is needed to buy goods and smuggle them back to Venezuela? That's the only way I can see that they can use it to get around whatever sanctions they have.

[FlightyPouch]

Government are not even supposed to attack cryptocurrency because it is like this even favored them more in the area that the op listed on the benefits of it for the government.

But they will when once they started to lose their fiat value due to the increase in adoption of bitcoin and other decentralized matter,so bitcoin holders need to stay at that time to bring the real financial freedom.

"Attack"? What does that mean? You don't need to think that since they will never attack nor control crypto currency since even they have bitcoin saved, the majority of it is in the investors. Also, it is not easy to control a big crypto currency like bitcoin.

[NavI_027]

[snip]

I'm not sure that Bitcoin could help to Maduro or anyone else. They still need to stick to fiat money and gold. In general, Bitcoin is still too risky because of high volatility and governments can't rely on them. Could you imagine economic or financial system that would depend on Bitcoin? I don't think so.

Why not? Bitcoin got its own advantage which fiat or even gold can't offer. Bitcoin is the future, try to embrace it mate . And for yout question my answer is Yes, I can imagine a cashless society. I know it's hard to believe but still possible for me especially knowing the fact that Venezuela's fiat is now losing its value and their countrynen are now looking forward into btc. Several countries are now also starting to adopt crypto which only means they really think that it could be a good tool to improve their economy.

[Janation]

Government are not even supposed to attack cryptocurrency because it is like this even favored them more in the area that the op listed on the benefits of it for the government.

I don't think they will be putting an attack to cryptocurrencies.

Some might hate the idea of it but I don't think that all of them are the same.

I think what they would just do is take care of the citizen that are using cryptocurrencies. They can't control the crypto but they can add that under their law not only to support it but also to protect the citizens that are using it/

[rose9696]

I don't deny Bitcoin's profitability over the years, but I'm sure the risk is high when investing in bitcoins.
A country whose government fully believes in bitcoin is actually quite dangerous, if one day, bitcoin is manipulated and the price returns a few hundred dollars, then that country will go into crisis?
Basically, bitcoin is not technologically dominant and it only has a chance of deflation, halving every 4 years.
  But Litecoin also has Bitcoin Cash as well, so what is the guarantee for bitcoin to grow forever?

[Vishnu.Reang]

What Maduro needs is hard cash (in the form of United States Dollars or Euro). If he had Bitcoin or any other cryptocurrency instead of gold, I am not sure whether his fortunes would have brightened any further. The sanctions prohibit other countries from purchasing any assets from Zimbabwe and that includes gold and digital assets including Bitcoin.

I'm not sure that Bitcoin could help to Maduro or anyone else. They still need to stick to fiat money and gold. In general, Bitcoin is still too risky because of high volatility and governments can't rely on them. Could you imagine economic or financial system that would depend on Bitcoin? I don't think so.

Maduro should work on a national unity government after reducing the rampant corruption. Bitcoin is not a magic wand that can remove all the troubles in Venezuela overnight. As long as the sanctions and embargoes remain, there is hardly any chance of improvement in the economic situation. And there is not much that Bitcoin can do in this scenario.

[andriarto]

What Maduro needs is hard cash (in the form of United States Dollars or Euro). If he had Bitcoin or any other cryptocurrency instead of gold, I am not sure whether his fortunes would have brightened any further. The sanctions prohibit other countries from purchasing any assets from Zimbabwe and that includes gold and digital assets including Bitcoin.

I'm not sure that Bitcoin could help to Maduro or anyone else. They still need to stick to fiat money and gold. In general, Bitcoin is still too risky because of high volatility and governments can't rely on them. Could you imagine economic or financial system that would depend on Bitcoin? I don't think so.

Maduro should work on a national unity government after reducing the rampant corruption. Bitcoin is not a magic wand that can remove all the troubles in Venezuela overnight. As long as the sanctions and embargoes remain, there is hardly any chance of improvement in the economic situation. And there is not much that Bitcoin can do in this scenario.

bitcoin is used divenezuela because their currency has hyper inflation, so it becomes worthless, then the government chose bitcoin as their currency. I think it is right that Maduro should improve the government system first, before moving on to economic improvement, if the country has a lot of bitoin, maybe with an increase in the price of bitcoin later it can make a lot of money, making it easier to improve the economy