Nicolás Maduro, the president of Venezuela, ordered the
issuance of the initial 100 M Petros, a nationwide cryptocurrency that is
backed by oil. In addition, he indicated that every Petro would possess the
value of one oil barrel.
The initial Petro miner national meeting is set to occur on
Jan. 14th, in conjunction with a whitepaper publication. The introduction falls
in line with a prior statement from the Venezuelan president that Venezuela might
issue cryptocurrency that is backed by oil.
Venezuela’s enormous hyperinflation issues led to a lack of
trust within the Bolivar national currency. It has caused most of the people to
have access to suitable technology, so they can go after Bitcoin as a way to stabilize
transactions – referred to as some economists as ‘Bitcoinization’.
Additional countries, which include Zimbabwe also have
witnessed adoption of Bitcoin when faced with financial instability.
In other news, on January 6, 2018 Trump tweeted this out on
Twitter: “The African American unemployment rate fell to 6.8%, the lowest rate
in 45 years. I am so happy about this news! And, in the Washington Post (of all
places), headline states, ‘Trumps first year jobs numbers were very, very good.’”
Trump also tweeted about the stock market: “The Stock Market
has been creating tremendous benefits for our country in the form of not only record
setting stock prices, but present and future jobs, jobs, jobs. Seven TRILLION
dollars of value created since our big election win!”
The bottom line: It’s a good time to invest. The economy is
good…for now.
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