Venezuela to Launch "Petro" Cryptocurrency

With Venezuela in default as well as hyperinflation, president Maduro vows to fight a US "blockade" with the "Petro".

President Nicolas Maduro said on Sunday that Venezuela will launch a cryptocurrency to combat what the leftist leader says is a financial “blockade” against the crisis-hit nation spurred by U.S. sanctions.

Maduro said the OPEC member’s new currency, “petro,” will be backed by natural resources reserves although he did not provide details on the logistics of its roll-out.

The number 1 problem in Venezuela is Maduro, not lack of food or money. Maduro's socialist program is what created hyperinflation.

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Mike "Mish" Shedlock

Bitcoin is nothing more than a new way to gamble. Fake liquidity created this monster and the greater fool is feeding it. I would never have in my wildest dreams imagined it would turn out like this - it's pure madness. It's the result of so much money (debt) sloshing around looking for any form of return.

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Easy Come Go

. CBS By Devalued As Money Of Value The For Respect No No

"Only about 3% of population are invested in Bitcoin. Still a long way to go." A large segment of the population doesn't have $1,000 for an emergency, let alone $11,000 just to buy a single Bitcoin.