In an exclusive interview with Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation (HRF), Venezuelan opposition leader María Corina Machado discussed the crucial role of Bitcoin in the fight against Venezuela’s economic collapse and authoritarianism. The interview, first published in Bitcoin Magazine, highlights the catastrophic impact of hyperinflation caused by the Chávez and Maduro regimes, which have devastated the Venezuelan bolívar.
Machado noted that the bolivar lost 14 zeros under Chavez and Maduro, while inflation skyrocketed to 1.7 million percent in 2018. She described the economic devastation, saying: “This financial repression, rooted in state-sponsored looting, theft and uncontrolled money printing,” has crippled the economy despite Venezuela’s vast oil wealth.
During the interview, Gladstein highlighted how some Venezuelans were turning to Bitcoin 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 suggested including Bitcoin in Venezuela’s future national reserves as the country attempts to recover its stolen wealth and rebuild after the dictatorship.
“Bitcoin bypasses government-imposed exchange rates and helps many of our people… It has evolved from a humanitarian tool to a vital tool for resistance,” Machado said.
Machado also spoke of the determination of the Venezuelan people to reclaim democracy, noting their historic efforts to confront the regime. She praised the use of technology like Bitcoin to ensure financial autonomy and help rebuild a new, free Venezuela.
Looking ahead, she envisions Bitcoin playing a key role in ensuring transparency, property rights, and economic freedom as part of Venezuela’s recovery plan. She states: “We see Bitcoin as part of our national reserves, to help 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 through the HRF here.