This is the right time for the countries, companies, and individuals to celebrate the success of Bitcoin (BTC) as it is showing an all-time high with respect to its price. Now the countries and financial institutions from all around the world have started realizing the importance of being an ally to the Bitcoin (BTC) rally.
In the recent reports, the Bitcoin (BTC) has managed to hit an all-time high of $23k and has managed to stay above the $23k mark for almost 24-hours. If it is able to maintain this figure then more investors will be coming on board to invest more in it.
This would be the perfect time/moment for the countries to celebrate and be glad that they made the decision of siding with Bitcoin (BTC) when it all started.
One such country is Venezuela that has held Bitcoin (BTC) as well as the entire cryptocurrency industry in very high regard. For the past couple of years, Venezuela has been under a lot of external pressure and the main cause of that are the sanctions imposed by the United States on the country.
As a result of the sanctions, the country is prohibited from making any oil or gas details with other countries. This has left the entire country and especially, Nicolas Maduro’s regime with not many options.
Due to the sanctions, the majority of the financial institutions from around the world avoid working with the Venezuelan Government. This is when the Venezuelan Government as well as the Venezuelan military have focused their attention on cryptocurrencies.
Just a month ago, it was announced by the Venezuelan military that it had set up its own Bitcoin (BTC) mining facility with the aim to generate Bitcoin (BTC), which will be used to pay salaries for the Venezuelan militia.
The same kind of behavior has been adopted by the Venezuelan Government as it has now started using Bitcoin (BTC) in its financial dealings. As per sources, the Venezuelan Government currently has a large volume of Bitcoin (BTC) and Ethereum (ETH) owned by the Venezuelan State.
With the Bitcoin (BTC) and Ethereum (ETH) prices being on the constant rise, things are becoming very much favorable for the Venezuelan Government.
It has been reported the country has started paying companies in Iran and Turkey in Bitcoin (BTC) &Ethereum (ETH). The reports come from an anonymous source from the Venezuelan Central Bank, confirming that the country is paying Turkish and Iranian companies using Bitcoin (BTC).
In addition to Bitcoin (BTC) and Ethereum (ETH) adoption in the past couple of years, the country has even developed its own cryptocurrency that is known as ‘Petro’. With the recent developments made by the Venezuelan Government in the crypto-sector, it is now becoming clear that the country will eventually find its ground and regain its reputation in the world economy.