Guest Author – Samson
The Venezuela media outlets have reported that the ICO for the Petro cryptocurrency has hit the Venezuela market with a big thud. Furthermore, the Venezuela President Nicholas Maduro through his official Twitter account further confirmed the reports that Petro has received 171,000 willing Venezuela Investors. Does this ring something to you that the Venezuela President Turns American Sanctions to crypto Business Opportunity? Holy smokes! This may be a question of who is the boss here.
The oddity of this matter is that both Venezuela and the US need each other back in the oil business. Putting sanctions on the Oil business would have definitely put Venezuela economy to the ground. On the other hand, it would be a bad economic move for the US government to lets go of the Venezuela Oil with Russia Watching. Do I ponder with the US being the number one importer of the high-quality Venezuela oil, why set up economic sanctions that may barricade the International trade between the two countries? That’s a rhetoric question that rings in my mind and let’s say that is a strategic move from the states.
On top of that reports from the Venezuela president official twitter account page about the Petro, cryptocurrency raises a lot of eyebrows. According to the report, 40.8%of the petro sales will be transacted by the use of the USA dollars with the EUR purchasers hitting a 6.5%. A latter 33.8 % of the Petro cake will be eaten by Bitcoin which the number of its preregistered users for the ICO stands at 33.8% with Ethureum closing with an 18.4%ICO presale.
However doing the math here, the official figures from Venezuela twitter account falls short of the 100%mark. But is it a really smart and peaceful move that shows the Venezuela president may be actually the chief commander of the cryptocurrency business. But I also smell a rat that with the US lifting up all the sanctions on Venezuela that could mean death to the Petro cryptocurrency as well to their bolivar currency which has not been doing well in the recent times. It’s really awful for the Venezuela president to see the US Dollar being ranked top among the list of currencies used to Purchase petro whichever way, it’s the US or the US Currency that comes first.
The irony with the Venezuela Petro Cryptocurrency continues as the Venezuela residents accord a huge praise for Meduro move. According to a CCN report, the residents see that the full integration of the Petro may overwhelm the US sanctions. On top of that, there are other reports that claim that the Venezuela Government may launch another cryptocurrency namely the Petro Gold. However, it will be vital to note that other countries which have been hit by the US sanctions have their own crypto plans too. Some of the Countries include Iran, Turkey, and Russia. But it’s still ironical why the countries have chosen not to put their crypto plans on the whitepaper. Maybe they may be using Venezuela as a control experiment.
In conclusion, We might see the Petro cryptocurrency as a hit back on the US and later watch the same grow bigger and even better to become the Google, Amazon, and Facebook of this world. It also goes without the saying that conducting a feasibility study on the project, Venezuela is bound to lose a lot here.