Venezuelan politician suggests Bitcoin as reserve asset: good news for Poodlana?
- Venezuela politician Maria Corina Machado proposes using Bitcoin as a national reserve asset.
- Here's what it may mean for the POODL meme coin.
- The monthly employment data on Friday also boded well for Poodlana.
Follow Invezz on Telegram, Twitter, and Google News for instant updates >
Bitcoin did not have an upbeat Friday with its price crumbling further from $57,000 to under $54,000. But it wasn’t entirely deprived of a few positive developments.
Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.
For one, Maria Corina Machado – the former Deputy of the National Assembly of Venezuela – proposed using BTC as a national reserve asset in an interview today.
Politicians from several other nations have explored a strategic Bitcoin reserve this year. The US government currently owns more than 200,000 Bitcoins making it globally a top holder of BTC.
If countries do indeed adopt Bitcoin as a strategic reserve, it may be a meaningful catalyst for the entire crypto industry, including the likes of Poodlana.
BTC as a national reserve: What it means for POODL
Copy link to sectionMaria Corino Machado dubbed Bitcoin a “humanitarian tool” in the said interview that Venezuelans are turning to, to shield their wealth amidst the ongoing financial instability in the country.
She sees the world’s largest cryptocurrency as incorruptible with the potential to help build a “new Venezuelan democracy”.
Note that Bitcoin price could skyrocket if countries switched to Bitcoin as a national reserve since that wouldn’t only deliver an unprecedented boost to demand but would also add to the legitimacy of BTC as a store of value and a global financial asset.
That strength will likely trickle down to other crypto projects like Poodlana which recently raised $8 million via its presale. You can learn more about its native POODL meme coin on this link.
Poodlana positioned for continued gains
Copy link to sectionUS presidential candidate Donald Trump is eyeing Bitcoin as a national reserve to address the country’s massive debt as well.
Such a policy shift may be meaningful for Bitcoin as it could minimize volatility and make countries invest aggressively in BTC mining, node infrastructure, and related technologies.
All in all, a strategic Bitcoin reserve will likely increase the credibility of the crypto industry at large which may significantly benefit the likes of Poodlana that have already made waves in 2024.
POODL has recently been listed on three top exchanges: Raydium, BingX, and MEXC to continue to attract global demand that typically helps a crypto coin command a higher price tag. Click here to explore ways to invest in the Poodlana meme coin to profit from that expected rally.
August jobs data bodes well for Poodlana
Copy link to sectionFinally, the US economy added 142,000 jobs in August, as per the Bureau of Labour Statistics. The number was up significantly from 89,000 in July but fell shy of the 160,000 that economists had forecast.
The employment data, therefore, strengthens the case for the Federal Reserve to announce its first rate cut at its upcoming meeting in September.
Lower interest rates will drive investors out of bonds and savings accounts – and a good chunk of that freed-up capital may find its way into POODL particularly because it’s a Solana-based meme coin.
Solana-based coins have done exceptionally well in 2024 and, therefore, continue to attract solid demand at writing. If you’re interested in building a position in Poodlana, you should visit its website now.
This article is a collaboration between our Editors and our Partners, and it may contain sponsored advertising content and links. The content is not intended as financial advice and is for informational purposes only.
Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals™.