Fun

Venezuela’s Asonacrip: Bitcoin Bull Run Could Help Boost Usability of Cryptos Such as Petro

News Feed - 2020-12-22 11:12:02

Venezuela"s Asonacrip: Bitcoin Bull Run Could Help Boost Usability of Cryptos Such as Petro


The president of the National Association of Cryptocurrencies of Venezuela (Asonacrip) praised the recent bull run seen in bitcoin’s prices across the board, which “favors the usability of a very novel crypto asset,” such as the petro (PTR). Petro Is Gathering Strength Due to Its Surging Prices in the Secondary Market, Says Venezuela’s Asonacrip


During an interview with the Venezuelan TV channel Globovisión, Jose Ángel Álvarez pointed out that the country’s state-backed cryptocurrency is starting “to gather strength” because they’re witnessing a surge in the secondary market quotes.


This is given in the context of the adoption of gas stations’ owners who are implementing petro payments, allowing their customers to pay for services with PTR, said Álvarez. He added that PDVA — Venezuela’s state-owned oil and natural gas company — is accepting payments in PTR as well.


However, the president of Asonacrip believes that U.S. sanctions on the petro are still representing a hurdle because it cannot spread globally. In consequence, the crypto asset can be traded only in Venezuela.


On June 11, Venezuelan president Nicolás Maduro claimed that almost 15% of all fuel payments at petrol stations were made using the state-backed cryptocurrency.


Although the figures revealed over the year by the government show that Venezuelans are still struggling to find usability for the petro. Stressing the need to strengthen education on cryptocurrencies across the nation, Álvarez commented: The power is in the information, if ordinary Venezuelans, professionals, businessmen begin to understand how bitcoin can change the world, how the petro can change the national economy and we make a great national agreement in favor of that. to get real benefits.


The Real Quote of Petro


There is no clarity on the current price of the petro because the crypto asset is not quoted against foreign fiat currencies. Still, Asonacrip’s Álvarez shed some light on the quote of the cryptocurrency that was supposed to equal 1 barrel of Venezuelan oil. He explained: At this moment, the value of the petro in the primary market is above 60 million bolivars. What happens is that there are two markets: the primary market, which is the market of the issuing entity, and there is the case of the secondary market made up of people, companies, and institutions that interact directly and define how much you pay or how much we pay for the price of a digital asset.


According to the current market prices, 1,061,053 bolívars is equal to $1 dollar.


On Nov. 30, news.Bitcoin.com reported that the Venezuelan Army inaugurated a crypto mining center with bitcoin (BTC) mining equipment to generate “unblockable income,” managed by the 61st Agustín Codazzi Engineer Conditioning Brigade.


Do you think that in 2021 the petro will be trading on foreign crypto exchanges? Let us know in the comments section below. Billion-Dollar Wealth Manager Skybridge Capital Plans to Launch a Bitcoin Fund FINANCE | 4 hours ago Global Equity Head at Jefferies Says the Investment Bank Will Buy Bitcoin and Reduce Exposure to Gold FINANCE | 10 hours ago Tags in this story Bitcoin, Bitcoin in Venezuela, Bolivar, Cryptocurrencies, Cryptocurrency, cryptos, Maduro, Petro, Regulations, Venezuela, venezuela bitcoin adoption, venezuela crypto adoption, Venezuelan Petro


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Show comments

News Feed

Jesse Coghlan7 hours agoCoinbase signals EU, Canada, Brazil, Singapore and Australia as prioritiesThe crypto exchange’s focus on non-U.S. markets is part of the next phase in its expansion plans.1845 Total views35 Tota
Marathon Digital stamps ‘Made in USA’ on Bitcoin blocks mined
Ezra Reguerra7 minutes agoMarathon Digital stamps ‘Made in USA’ on Bitcoin blocks minedThe stunt follows presidential candidate Donald Trump’s statement that he wants all the remaining Bitcoin to be “Made in the
Exchange Crypto with 0% Fees in Lumi Wallet
Exchange Crypto with 0% Fees in Lumi WalletEverybody’s sick of commissions. Lumi Wallet is renouncing them, introducing 0% Fees on all crypto to crypto exchange operations. Al
Berkshire’s Charlie Munger Says ‘Ridiculous’ Anybody Would Buy Crypto — ‘It’s an Absolute Horror’
Berkshire"s Charlie Munger Says "Ridiculous" Anybody Would Buy Crypto — "It"s an Absolute Horror" Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaw
Publicly Listed Bitcoin Miner Marathon Purchases 30,000 Mining Rigs from Bitmain
Publicly Listed Bitcoin Miner Marathon Purchases 30,000 Mining Rigs from Bitmain On Monday, the publicly listed bitcoin mining firm Marathon Digital Holdings ann
Ana Paula Pereira8 hours agoCelsius Network reaches settlements to exit bankruptcyBankrupted crypto lender Celsius Network reached two settlements that may allow the return of assets to customers and end its bankruptcy p
With $1.5 Billion Under Management Grayscale Bitcoin Trust Slides 30%
With $1.5 Billion Under Management Grayscale Bitcoin Trust Slides 30% Prior to the market carnage on March 12, the Grayscale Bitcoin Trust (GBTC) had acquired over 300,000 BTC. G
Shelling Out $30K or More in Ethereum — A Look at the Top 5 NFT Floor Prices
Shelling Out $30K or More in Ethereum — A Look at the Top 5 NFT Floor Prices Non-fungible token (NFT) assets have been very popular for well over 12 months and a great number of
Samsung is looking into new phone form factors with AI in mind: Report
Brayden Lindrea2 hours agoSamsung is looking into new phone form factors with AI in mind: ReportA Samsung executive said a successful implementation would be more “mobile” and look “radically different” from the
German Crypto Regulator BaFin Shuts Down Unauthorized Bitcoin ATMs
German Crypto Regulator BaFin Shuts Down Unauthorized Bitcoin ATMs Germany’s Federal Financial Supervisory Authority (BaFin) has shut down unauthorized bitcoin ATMs in the
Crypto for Congress: Bitcoin Sent to All Congress Members’ Campaigns
Crypto for Congress: Bitcoin Sent to All Congress Members" CampaignsThe Crypto for Congress initiative has launched. All members of Congress will be given bitcoin as campaign contri
Ross Ulbricht NFT Collection Raises Over $6 Million in Ethereum, Free Ross DAO Wins Auction
Ross Ulbricht NFT Collection Raises Over $6 Million in Ethereum, Free Ross DAO Wins Auction The Ross Ulbricht Genesis non-fungible token (NFT) collection auction has come to an end