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Home Cryptocurrency news Bitcoin

How Bitcoin is The Answer To Venezuela’s Stuck-At-Sea Oil Supply

Tony Spilotro by Tony Spilotro
10 months ago
in Bitcoin
Reading Time: 2min read
bitcoin venezuela oil tanker supply shutterstock_789254620
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Bitcoin solves many problems, from monetary policy mishandling to acting as the first decentralized store of wealth.

But could it also be a solution to Venezuela’s sanctioned and stuck-at-sea oil problem? Rather than aimlessly floating at sea, the oil could be put to much better use.

Venezuela Has Over 18 Million Barrels Of Sanctioned Oil Floating At Sea

It’s a phrase used so often, it is commonly used sarcastically or as a joke: Bitcoin is the answer.

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But the first-ever cryptocurrency truly solves many problems. It also may provide a profitable solution for the cash strapped Latin American country of Venezuela.

Venezuela is one of many countries under strict sanctions from the United States. The US has been applying pressure to the country recently, seeking to cut off revenue flow to the regime.

President Nicolás Maduro launched a cryptocurrency backed by oil, the petro, in an attempt to skate sanctions. Trump banned the cryptocurrency in the United States.

Related Reading | Cryptocurrency Community Explodes In Chatter Over Oil and Stocks 

Due to the sanctions, and conditions in the oil market, Venezuela has over 18 million barrels of oil just floating at sea.

This amounts to roughly two months of production in the country, unable to be monetized due to sanctions.

Countries won’t do business with Venezuela over the fear of US retaliation, and the demand for oil is weak.

Months ago, oil fell to negative prices due to the related storage costs associated with owning the commodity.

It is one of the few assets that can trade at negative pricing. However, few ever expected it to do so.

Exporting oil was inefficient

Now it’s simply ridiculous

Venezuela must start exploiting its resources internally

Just refine that oil into diesel, use diesel to generate energy with our vast gas turbine infrastructure and create money out of that energy with $btc mining farms https://t.co/XdZCtQ5rUf

— Beachain (@beachainbtc) June 26, 2020

One Simple Trick To Revenue: Refine Oil, Burn Diesel, Get Bitcoin

Rather than floating aimlessly, this oil could be converted into diesel fuel. The diesel could be used to power turbines, that generate energy.

Energy is the key ingredient to Bitcoin mining. And it could be the solution to Venezuela’s revenue problems.

This oil, instead of being stuck at sea, would be put to much better use. Generating Bitcoin through mining that is fueled by their oil supplies could be highly profitable.

Related Reading | Is This Bitcoin Wave Fractal Following Oil’s Path to Negative Pricing?

Venezuela needs badly needs a solution to their monetary issues, and Bitcoin is increasingly the answer. Not only could the government benefit from the cryptocurrency through mining, but its citizens rely on it too.

The country’s fiat currency has been in a death spiral. The country also tightly controls its hyperinflated monetary supply.

More and more citizens in the county have turned to Bitcoin as a result.

So while the phrase “Bitcoin is the answer” is often mocked across the web, for Venezuela, it provides many solutions.

Tags: bitcoinbtcbtcusdBTCUSDTCrude OilcryptooilVenezuelaxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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