Why Bitcoin Is Colombia’s Main Character: New Presidency and More


Colombia just chosen another president, and Bitcoin is the desire for the two his devotees and stressed opposition.

Who Is Gustavo Petro?

As per the NYTimes, just 58% of Colombia’s 39 million electors made an appearance to make choice. With more than half of the vote, Gustavo Petro was chosen president.

This is a significant occasion for the country. He is their most memorable liberal president, and his efficient plan has been depicted as “economical suicide”.

As Reuters reported, Petro vowed to “stop new exploration for hydrocarbons and construction of new large-scale open-pit mines, and to put an end to investigative fracking pilots and offshore oil and gas projects, some of which already have contracts.”

He believes the nation should progress from oil to sustainable power sources. Colombia positions among the biggest raw petroleum makers in Latin America, it is their major export.

Petro’s suggestion has been generally condemned, even by overall driving individuals from the left like Brazil’s previous president Lula da Silva. Many see this as a nonviable arrangement, seeing oil and digging as fundamental creations for the country’s economy.

Petro has likewise emphatically played with the possibility of cash printing. Last year, he showed backing to the U.S’s. FED cash printing strategy during the Covid pandemic, considering it to be a triumph. We as a whole expertise that is going for the dollar, and it is looking significantly uglier for economies with more fragile monetary standards, similar to Venezuela’s and Argentina’s.

Money printing isn’t important for Petro’s true guide. An official mission can’t make guarantees for future moves that would be made by the Central Bank alone in light of the fact that the element is free of the state. Notwithstanding, a few rivals have expected that Petro could some way or another overwhelm the Bank’s clout to execute said measures.

As their most memorable liberal president, Petro’s egalitarian discourse won the compassion of more youthful ages and many gatherings who, in neediness and misery, have long hung tight for a change.

Sadly, we have proactively perceived how such commitments can turn out to be a method for controlling the majority while making a financial destabilization that dangles from a long chain of defilement and inadequately oversaw projects. Colombia’s official vote was a sob for help, however individuals could get a vacant hand in exchange.

All of these concerns take us to the principal character: bitcoin.

Petro Wants Bitcoin To Remplace Cocaine

One of Petro’s primary concerns is the country’s development of cocaine. Colombia is the world’s biggest maker of this medication. Essentially, Petro has investors, the oil and mining area, and the most impressive cocaine providers against him. It won’t be a simple presidency.

But what helped him win?

Petro’s discourse included points frequently disregarded by different lawmakers in the country, one of which was Bitcoin.

While his rival Rodolfo Hernández took a position against recommending individuals purchase Bitcoin, Petro observed El Salvador’s Bitcoin procedure and, surprisingly, proposed for the country to mine Bitcoin as opposed to delivering cocaine. I don’t believe that is a progress the medication cartels will effectively accept.

Nevertheless, he has brought up that Colombia’s energy lattice is as of now overwhelmed by hydropower, which could assist mine Bitcoin with sustainable energy.

“What on the off chance that the Pacific coast made the most of the precarious falls of the waterways of the western mountains to deliver all the energy of the coast and supplant cocaine with energy for cryptocurrencies?

The digital currency is unadulterated data and thusly energy“, Petro tweeted..

“We can turn the wayú communities, the coal workers of the Cesar region, the black communities of the Colombian pacific coast into owners of these new forms of energy, linked to the computing of cryptocurrencies, and thus we will have a new world.”, Petro stated.

He additionally professed to help a couple crypto standards: “Bitcoin removes issuing power from the states and the seigniorage of the currency from the banks. it is a community currency that is based on the trust of those who carry out transactions with it, since it is based on a blockchain, trust is measured and grows, hence its strength.”

But this appears to straightforwardly go against his repetitive proposition of printing cash as an answer for the country’s economy.

Related Reading | Marcy Residents React Poorly To Jay-Z And Jack Dorsey’s The Bitcoin Academy

The Opponents Also Like BTC

Some cheered the official outcomes, and a few dreaded them. Educated people, financial specialists, and even bitcoiners all over the planet continue to condemn his aggressive commitments and trust the following 4 years of his administration could end up being horrendous for the economy.

Some of individuals who go against him and his standards see his bitcoin discourse as political cosmetics, yet firmly support the coin and are suggesting it now like never before, in dread that the country’s money will before long begin to free fall.

Bitcoin is going to be the average citizen’s only means of escape when his policy of excessively printing money destroys an already weak currency like the peso. Not to mention the inflationary effect, destructive for the little middle class that we have in Colombia.”, said a tweet responding to Petro.

Related Reading | Profit From Bitcoin’s Collapse? New ProShares ETF Makes It Possible

Bitcoin exchanging at around $20k in the day | TradingView.com

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