Bitcoin to be needed in Venezuela facing Economic Slump

The popularity of Bitcoin is still growing despite the country has got its own cryptocurrency Petro
27 March 2018   1238

Venezuela has always been a distinctive country especially in relation to cryptocurrency. The locals have shown large interest in Bitcoin and other kinds of digital currency over the year. After a long period of gaining strength, the requirement for Bitcoin is increasing. Although there`ve been some highs and lows, the overall trend is still in place. A new record mark was achieved for Bitcoin trading last week in Venezuela. This is looking promising together with a total value of above one trillion Bolivares worth of Bitcoin changing hands.

The country is still depressed by mighty inflation. As the value of 1 Bolivar is virtually declining every week, this volume is managed to go up for some time to come. Also  this month (on March, 19) the US President Donald Trump issued an order to forbid any purchase operations of the Venezuelan Petro. The ongoing policy of the US government opposes the Venezuelan one and pressures it. The situation of Venezuela will be discussed at G20 Summit.

It is amazing how the requirement for Bitcoin is rising despite the Petro becoming a substantial thing. Venezuela’s own cryptocurrency has been welcomed  with a pretty amount of criticism and anxiety. Its validity is still a big unknown, for the time being. Bitcoin is not officially recognized in Venezuela. The decline of the interest in BTC may be expected, but not in this case. Both forms of currency are seemed to be able to co-exist without any main issues.

Together with Bitcoin trading wavering in Venezuela, something has to put this demand. President Maduro claimed the country wants to attract more Bitcoin mining operations moving forward. It illustrates that Venezuela would keep an open mind towards this currency, which can only be considered to be a worthy thing. The increasing interest in cryptocurrencies will possibly require some legal framework to be stated.

Venezuela is not the only country where BTC demand is expancing. This kind of cryptocurrency is much-required right now in Canada, Europe (in common), Hong Kong and Indonesia. All these facts reveal that in some time the negative tendencies connected with Bitcoin price trend will reverse eventually.

Most Crypto to Fail, Digital Currency Group CEO Says

Barry SIlbert believes Bitcoin is a king and when the mood among major investors changes, BTC is waiting for serious and aggressive growth
14 February 2019   240

Barry Silbert, head of Digital Currency Group, continues to believe in Bitcoin’s great future, but questions the long-term prospects of most existing cryptocurrencies and digital tokens, saying in an interview with CNBC that they will all be worthless in the future.

I'm not a believer in the vast majority of digital tokens and believe most will go to zero. Almost every ICO was just an attempt to raise money but there was no use for the underlying token. The vast majority of what's out there will be eliminated.

Barry Silbert

Head, Digital Currency Group

At the same time, Barry Silbert is convinced that Bitcoin, despite the current “terrible schedule”, enjoys great interest from institutional investors and “won the fight for the title of digital gold”.

According to him, the new generation of investors no longer sees gold as a “safe haven”, and the money that is now in gold will be converted into cryptocurrency.

I'm convinced that whatever money is in gold is not going to stay in gold. That gets handed down to millennials. I'm highly confident a lot of that will go into bitcoin.

Barry Silbert

Head, Digital Currency Group

Barry Silbert believes that the buy and hold strategy is fully justified, although it is still difficult to say exactly when large institutional money will go into Bitcoin. Nevertheless, he noted, at the beginning of 2019, all the necessary infrastructure was already in place, listed the upcoming launch of the Fidelity custodial solution and investment opportunities such as the Bitcoin futures platform Bakkt.

When the mood among major investors changes, Bitcoin is waiting for serious and aggressive growth, Silbert added.