Countries won’t do business with Venezuela over the fear of US retaliation, and the demand for oil is weak.
Months ago, oil fell to negative prices due to the related storage costs associated with owning the commodity.
It is one of the few assets that can trade at negative pricing. However, few ever expected it to do so.
One Simple Trick To Revenue: Refine Oil, Burn Diesel, Get Bitcoin
Rather than floating aimlessly, this oil could be converted into diesel fuel. The diesel could be used to power turbines, that generate energy.
Energy is the key ingredient to Bitcoin mining. And it could be the solution to Venezuela’s revenue problems.
This oil, instead of being stuck at sea, would be put to much better use. Generating Bitcoin through mining that is fueled by their oil supplies could be highly profitable.
Venezuela needs badly needs a solution to their monetary issues, and Bitcoin is increasingly the answer. Not only could the government benefit from the cryptocurrency through mining, but its citizens rely on it too.
The country’s fiat currency has been in a death spiral. The country also tightly controls its hyperinflated monetary supply.
More and more citizens in the county have turned to Bitcoin as a result.
So while the phrase “Bitcoin is the answer” is often mocked across the web, for Venezuela, it provides many solutions.
Author: Tony Spilotro
Read more at: https://www.newsbtc.com/2020/06/26/bitcoin-is-answer-venezuela-oil/
