THELOGICALINDIAN - Colombia aloof adopted a new admiral and Bitcoin is the achievement of both his followers and afraid opposition
Who Is Gustavo Petro?
As per the NYTimes, alone 58% of Colombia’s 39 actor voters showed up to casting vote. With over 50% of the vote, Gustavo Petro was adopted president.
This is a above accident for the country. He is their aboriginal advocate president, and his economical calendar has been declared as “economical suicide”.
As Reuters reported, Petro apprenticed to “stop new analysis for hydrocarbons and architecture of new all-embracing open-pit mines, and to put an end to analytic fracking pilots and adopted oil and gas projects, some of which already accept contracts.”
He wants the country to alteration from oil to renewable energies. Colombia ranks amid the better awkward oil producers in Latin America, it is their above export.
Petro’s hypothesis has been broadly criticized, alike by common arch associates of the larboard like Brazil’s above admiral Lula da Silva. Many see this as a abstract solution, seeing oil and mining as all-important productions for the country’s economy.
Petro has additionally acerb flirted with the abstraction of money printing. Last year, he showed abutment to the U.S.’s FED money press action during the Covid pandemic, seeing it as a success. We all apperceive how that is activity for the dollar, and it is attractive a lot uglier for economies with weaker currencies, like Venezuela’s and Argentina’s.
Money press is not allotment of Petro’s official roadmap. A presidential attack cannot accomplish promises for approaching accomplishments that would be taken by the Central Bank abandoned because the article is absolute of the state. However, some opponents accept feared that Petro could somehow beat the Bank’s ascendancy in adjustment to apparatus said measures.
As their aboriginal advocate president, Petro’s autonomous accent won the accord of adolescent ancestors and abounding groups of bodies who, in abjection and despair, accept continued waited for a change.
Sadly, we accept already apparent how such promises can end up actuality a way to dispense the masses while creating an bread-and-butter destabilization that hangs from a continued alternation of bribery and ailing managed projects. Colombia’s presidential vote was a cry for help, but the bodies ability accept an abandoned duke in exchange.
All of these worries booty us to the capital character: bitcoin.
Petro Wants Bitcoin To Remplace Cocaine
One of Petro’s capital worries is the country’s assembly of cocaine. Colombia is the world’s better ambassador of this drug. Basically, Petro has bankers, the oil and mining sector, and the best able cocaine suppliers adjoin him. It will not be an accessible presidency.
But what helped him win?
Petro’s accent included capacity generally abandoned by added politicians in the country, one of which was Bitcoin.
While his adversary Rodolfo Hernández took a attitude adjoin suggesting bodies buy Bitcoin, Petro acclaimed El Salvador’s Bitcoin action and alike proposed for the country to abundance Bitcoin instead of bearing cocaine. I don’t anticipate that’s a alteration the biologic cartels will calmly accept.
Nevertheless, he has acicular out that Colombia’s activity cast is already bedeviled by hydropower, which could advice abundance Bitcoin with renewable energy.
“We can about-face the wayú communities, the atramentous workers of the Cesar region, the atramentous communities of the Colombian accordant bank into owners of these new forms of energy, affiliated to the accretion of cryptocurrencies, and appropriately we will accept a new world.”, Petro stated.
He additionally claimed to abutment a few crypto ideals: “Bitcoin removes arising ability from the states and the seigniorage of the bill from the banks. it is a association bill that is based on the assurance of those who backpack out affairs with it, back it is based on a blockchain, assurance is abstinent and grows, appropriately its strength.”
But this seems to anon belie his alternate angle of press money as a band-aid for the country’s economy.
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The Opponents Also Like BTC
Some animated the presidential results, and some feared them. Intellectuals, economists, and alike bitcoiners about the apple accumulate criticizing his aggressive promises and achievement the abutting 4 years of his admiral won’t about-face out to be adverse for the economy.
Some of the bodies who argue him and his ethics see his bitcoin accent as political makeup, but acerb abutment the bread and are advising it now added than ever, in abhorrence that the country’s bill will anon alpha to chargeless fall.
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