• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America

Venezuela Denied Access to Overseas Gold: This is Why Bitcoin is Important

Rick Delafont by Rick Delafont
4 years ago
in Bitcoin, Opinion
Reading Time: 3 mins read

As part of an international effort to wrest power from Nicolas Maduro in Venezuela, the Bank of England has denied the nation access to gold deposits stored with the institution. Such instances highlight just why a permissionless store of value like Bitcoin is important on both the global and personal level.

Several members of the international community, led largely by the US, recognised Juan Guaido as the rightful president of the South American country on Wednesday. However, Maduro continues to hold onto power and has the backing of the military. This has led to the withholding of Venezuelan assets stored overseas, such as the $1.2 billion worth of gold currently sitting in the Bank of England’s vaults.

Could Bitcoin be the Ultimate Check on International Power Abuse?

There is currently an effort being made to strangle Maduro’s leadership economically. According to a report in Bloomberg, Venezuela holds around $8 billion overseas. Members of the international community are attempting to withhold as much of this figure as possible from the regime and are looking for ways to funnel it to the leader they would prefer to be in control of the nation – Guaido.

In this world, those who control the money have the power. The level of pressure the US and other leading economies can exert on regimes they disagree with for whatever reason is staggering. This is incredibly worrying for democracy in parts of the world that may not share the same values with those more powerful nations, or possess assets that these countries could benefit from.

It makes little difference whether you believe Maduro to be the rightful (or even a good) president of Venezuela or not. The fact that the most powerful members of the international community can exert such pressure through control of assets should certainly not be considered trivial. This is why Bitcoin is important.

In extreme cases, Bitcoin can be stored and transacted using memory alone.

Since it is entirely decentralised and requires permission from no single entity to use, Bitcoin has the potential to become an incredibly powerful asset class indeed and might ultimately serve to curb the relentless hegemony of nations like the US.

Many times in history, governments have attempted to exert control outside of their own jurisdictions. This is usually done under the guise of peace-keeping and protecting citizenry but often has far more sinister implications for democracy. Elected governments can be brought to their knees through economic sanctions, forcing the will of the more powerful nation or group of nations without ever having to fire a shot.

Multiple leaders who did not pander to the will of more powerful governments have been undemocratically replaced and there seems little to suggest that such power plays will end any time soon. This presents an opportunity for Bitcoin to create a much fairer global economic system. One that is accessible by all and entirely resistant to censorship. If certain members of the international community continue to abuse their power outside of their jurisdictions, it seems highly likely that those oppressed will eventually be forced to embrace Bitcoin as a check on global hegemony.

Just as individuals can choose to exit their own economies using cryptocurrency, so too can nations elect to exit the current global financial system. As more begin to realise this, the balance of power internationally could be edging closer to an upheaval the likes of which have never been seen previously.

 

Related Reading: Venezuela Formally Releases Petro, Will It Aid the Country’s Economic Recovery?

Featured Images from Shutterstock.
Tags: bitcoinVenezuela
Tweet123Share196ShareSend
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

Bitcoin (BTC)

Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

5 days ago
Bitcoin (BTC)

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

6 days ago
Bitcoin

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

6 days ago
Bitcoin Core

Bitcoin Core 25.0 Hits The Market: A Sneak Peek Into The Future

6 days ago
Bitcoin (BTC)

JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why

1 week ago
Bitcoin

Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?

1 week ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    4 days ago
  • Willing to buy new crypto: Here are the best 10...

    4 days ago
  • Best Crypto Meme Coin Presales in 2023

    4 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • According to experienced traders, Aave (AAVE) and InQubeta...

    2 hours ago
  • Avalanche price at important support level, Quant price to...

    4 hours ago
  • Looking for the next Crypto That Could 100x? Check...

    4 hours ago
  • Tradecurve (TCRV) Presale Bonus Attracts More Investors As...

    4 hours ago
  • XRP and Big Eyes Coin (BIG): Riding the FOMO Wave in the...

    5 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.