In an exclusive interview with Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation (HRF), Venezuelan opposition leader María Corina Machado discussed Bitcoin’s vital role in combating Venezuela’s economic collapse and authoritarianism. The interview, first published on Bitcoin Magazine, highlights the catastrophic impact of hyperinflation caused by the Chávez and Maduro regimes, which have devastated the Venezuelan bolívar.
Machado noted that under Chávez and Maduro, the bolívar has lost 14 zeros, with inflation skyrocketing to 1.7 million percent in 2018. She described the economic destruction, stating, “This financial repression rooted in state-sponsored looting, theft, and unchecked money printing” crippled the economy despite Venezuela’s vast oil wealth.
During the interview, Gladstein emphasized how some Venezuelans turned to Bitcoin as a way to escape hyperinflation, protect their wealth, and fund their escape from the country. Machado echoed this, calling Bitcoin a “lifeline” for Venezuelans, a way to bypass government-controlled exchange rates. She proposed including Bitcoin in Venezuela’s future national reserves as the country seeks to recover its stolen wealth and rebuild from the dictatorship.
“Bitcoin bypasses government-imposed exchange rates and helps many of our people… It has evolved from a humanitarian tool to a vital means of resistance,” Machado stated.
Machado also spoke of the Venezuelan people’s determination to reclaim democracy, noting their historic efforts in confronting the regime. She hailed the use of technology like Bitcoin to ensure financial autonomy and help rebuild a new, free Venezuela.
Looking to the future, she envisions Bitcoin playing a key role in ensuring transparency, property rights, and economic freedom as part of Venezuela’s recovery plan, stating, “We envision Bitcoin as part of our national reserves, helping rebuild what the dictatorship stole.”
Those interested in supporting the Venezuelan opposition party’s efforts for a peaceful transition and the recognition of their victory can do so via the HRF here.