Donald Trump is angry about a lot of things these days and now, we can add one more thing to the list. Undermining U.S. authorities, Russia met with Venezuela to discuss their national backed crypto called “El Petro.” With the Venezuelan economy in full decline, El Petro aims to make international transactions valuable and simple.
VENEZUELA AND RUSSIA JOIN FORCES IN CRYPTO AGAINST TRUMP’S WISHES
High levels of both Venezuela and Russia governments met in Caracas recently to discuss a wide range of issues. Of these issues, was the ever growing concern of Venezuela’s economy and the introduction of cryptocurrency. This is not just a deal to help the struggling South American country. Of course, Russian’s will benefit from this deal. The main cooperation will come between Petronas project and the Russian energy company Rosneft. This is seen as an opportunity to strengthen the alliance and the trading relationship between the two countries. As one can imagine, Trump is not happy.
CRYPTO DEMAND SURGES IN RUSSIA AND VENEZUELA; TRUMP HATES IT
Even with the launch of El Petro, there is still a large demand for Bitcoin and cryptos in Venezuela. In fact, they just set a new record for Bitcoin trading in the country totaling over 1 trillion Bolivares. However, this is not a sign of a strong economy. The news is flooded with reports of massive inflation within the country and it’s forcing the local people to find new and secure ways of value storage. As a result, the government is launching not one, but perhaps two cryptocurrencies of their own. Trump, on the other hand, strongly suggested Russia avoid any relationship with Venezuela.
VENEZUELA, RUSSIA, TRUMP, CRYPTO AND THE FUTURE
What does the future hold for Venezuela, Russia, Trump, and crypto? Well, that’s never an easy question to answer. For now, it’s all up to speculation. The best possible scenario is the country uses cryptocurrency to save themselves from an economic meltdown. On the other hand, perhaps they’re conspiring with each other to take over the world. That last one is extreme but you know America is afraid of it. For now, let’s just all hold hands and hope for the best.