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Venezuela goes Cryptocurrency

It seems as if cryptocurrencies are not all bad.
Venezuela has decided to bind their Bolívar to
the Cryptocurrency “Petro” in order to stabilize
the Bolívar – good idea or not?

If you have followed the cryptocurrencies Ether and Bitcoin, you have seen that they only knew one direction: downwards!

So is it really clever to tie a currency to a cryptocurrency that undergoes strong shifts in either direction which could mean either a lot of loss or inflation?

Analysts say that this idea mit not be too bad at all however the risks of a fiscal crash may increase indeed.

Yet Venezuela is keeping on track with this idea as the Bolívar had an inflation of 1 million percent in the last year meaning that the Bolívar is decaying in value rapidly. They say that the Petro is backed by Oil price so that the Petro might be less prone to inflation.

August 21, 2018 Netspark - 1594 posts - Member since: May 9th, 2011 No Comments »

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