Petro token is on its way to falling down along with President’s Madura regime if the uprising started against him turns out to be successful. As previously reported in our altcoin news, the token was created by the Venezuelan President.
The Petro token was the last financial attempt of Nicolas Maduro to ‘’boost’’ the economy of the country since millions were fleeing Venezuela after the terrible inflation that left people starving. Currently, there is an uprising in the country led by the opposition leader Juan Guaido after he called the military to rise up and overthrow Maduro. Many were surprised by this action as more and more people fled the streets in complete chaos.
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One thing is certain, there is almost no appetite for the petro token. On the other hand, Bitcoin seems to be trading massively in response to the military uprising as investors prove that bitcoin is still the better option for the country. The Venezuelan volume recorded on LocalBitcoins reached about 36 billion bolivars for the week that ended on April 27 which is the highest point ever recorded.
Last week, the Venezuelan President Maduro made a plea to the investors overseas to buy the petro token using bitcoin. In a video, he urged people to exchange their other currencies for his oil-backed token by saying:
“We welcome all those who will invest in finance and banking sectors and in the cryptocurrency petro.”
When Maduro announced his petro token he also pointed out:
“Russia is buying and selling oil and derivatives in yuan…We are going to sell all our produced oil with Petro.”
From the very first moment, he began developing his idea to create the petro token, many criticized him for it. It was supposed to be backed by the oil reserves of the country but the questions for the value of the reserves emerged. Although Maduro touted his token as a currency to help the country fight the inflation, many found it weird in the first place. They criticized him of creating the token in order to bypass the US economic sanctions as we reported in the latest cryptocurrency news before.
The exact value of the petro token has been really hard to pinpoint. The Venezuelan government pushed for the adoption of the token after Maduro ordered all of the banks to accept it.
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